(State of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | ||||||||||
Press release of Digital Media Solutions, Inc. issued April 18, 2024 | |||||||||||
104 | Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |
Digital Media Solutions, Inc. | |||||
/s/ Vanessa Guzmán-Clark | |||||
Name: | Vanessa Guzmán-Clark | ||||
Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18,466 | $ | 48,839 | |||||||
Restricted cash | 502 | — | |||||||||
Accounts receivable, net of allowances of $4,172 and $4,656, respectively | 35,322 | 48,109 | |||||||||
Contract assets - current, net | 6,467 | — | |||||||||
Prepaid and other current assets | 2,908 | 3,296 | |||||||||
Income tax receivable | 2,133 | 1,966 | |||||||||
Total current assets | 65,798 | 102,210 | |||||||||
Property and equipment, net | 15,390 | 17,702 | |||||||||
Operating lease right-of-use assets, net | 862 | 2,187 | |||||||||
Goodwill | 32,849 | 77,238 | |||||||||
Intangible assets, net | 29,441 | 27,519 | |||||||||
Contract assets - non-current, net | 1,632 | — | |||||||||
Other assets | 1,315 | 765 | |||||||||
Total assets | $ | 147,287 | $ | 227,621 | |||||||
Liabilities, Preferred Stock and Stockholders' Deficit | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 41,235 | $ | 39,908 | |||||||
Accrued expenses and other current liabilities | 10,548 | 7,101 | |||||||||
Current portion of long-term debt | 2,750 | 2,250 | |||||||||
Tax Receivable Agreement liability | 164 | 164 | |||||||||
Operating lease liabilities - current | 1,812 | 2,175 | |||||||||
Contingent consideration payable - current | 1,000 | 1,453 | |||||||||
Total current liabilities | 57,509 | 53,051 | |||||||||
Long-term debt | 286,353 | 254,573 | |||||||||
Deferred tax liabilities | 314 | 1,112 | |||||||||
Operating lease liabilities - non-current | 532 | 2,232 | |||||||||
Warrant liabilities | 82 | 600 | |||||||||
Contingent consideration payable - non-current | 512 | — | |||||||||
Total liabilities | 345,302 | 311,568 | |||||||||
Preferred stock, $0.0001 par value, 100,000 shares authorized; 80 Series A and 60 Series B convertible redeemable issued and outstanding, respectively at December 31, 2023 | 16,646 | — | |||||||||
Stockholders' deficit: | |||||||||||
Class A common stock, $0.0001 par value, 500,000 shares authorized; 2,766 issued and outstanding at December 31, 2023 | 4 | 4 | |||||||||
Class B convertible common stock, $0.0001 par value, 60,000 shares authorized; 1,672 issued and outstanding at December 31, 2023 | 3 | 3 | |||||||||
Class C convertible common stock, $0.0001 par value, 40,000 authorized; none issued and outstanding at December 31, 2023 | — | — | |||||||||
Additional paid-in capital | (80,523) | (14,054) | |||||||||
Treasury stock, at cost, 7 and 9 shares, respectively | (235) | (181) | |||||||||
Cumulative deficit | (126,230) | (32,896) | |||||||||
Total stockholders' deficit | (206,981) | (47,124) | |||||||||
Non-controlling interest | (7,680) | (36,823) | |||||||||
Total deficit | (214,661) | (83,947) | |||||||||
Total liabilities, preferred stock and stockholders' deficit | $ | 147,287 | $ | 227,621 |
Years Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net revenue | $ | 334,949 | $ | 391,148 | ||||||||||
Cost of revenue (exclusive of depreciation and amortization) | 252,050 | 287,820 | ||||||||||||
Salaries and related costs | 43,583 | 49,872 | ||||||||||||
General and administrative expenses | 46,578 | 41,878 | ||||||||||||
Depreciation and amortization | 19,460 | 28,242 | ||||||||||||
Impairment of goodwill | 49,390 | — | ||||||||||||
Impairment of intangible assets | 16,744 | 21,570 | ||||||||||||
Acquisition costs | 3,020 | 1,650 | ||||||||||||
Change in fair value of contingent consideration liabilities | (1,833) | 2,583 | ||||||||||||
Loss from operations | (94,043) | (42,467) | ||||||||||||
Interest expense, net | 38,634 | 17,366 | ||||||||||||
Change in fair value of warrant liabilities | (9,185) | (3,360) | ||||||||||||
Change in Tax Receivable Agreement liability | — | 125 | ||||||||||||
Other (1) | (9) | 7 | ||||||||||||
Net loss before income taxes | (123,483) | (56,605) | ||||||||||||
Income tax benefit | (790) | (4,105) | ||||||||||||
Net loss | (122,693) | (52,500) | ||||||||||||
Net loss attributable to non-controlling interest | (41,012) | (20,548) | ||||||||||||
Net loss attributable to Digital Media Solutions, Inc. | $ | (81,681) | $ | (31,952) | ||||||||||
Weighted-average Class A common shares outstanding – basic | 2,920 | 2,581 | ||||||||||||
Weighted-average Class A common shares outstanding – diluted | 2,920 | 2,583 | ||||||||||||
Loss per share attributable to Digital Media Solutions, Inc.: | ||||||||||||||
Basic – per Class A common shares | $ | (31.96) | $ | (12.38) | ||||||||||
Diluted – per Class A common shares | $ | (31.96) | $ | (12.37) |
Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (122,693) | $ | (52,500) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
Allowance for credit losses - Accounts receivable, net | 1,756 | 1,761 | |||||||||
Allowance for credit losses - Contract assets, net | 2,337 | — | |||||||||
Depreciation and amortization | 19,460 | 28,242 | |||||||||
Amortization of right-of-use assets | 648 | 937 | |||||||||
(Gain) loss on disposal of assets | (3) | 7 | |||||||||
Impairment of goodwill | 49,390 | — | |||||||||
Impairment of intangible assets | 16,744 | 21,570 | |||||||||
Lease restructuring charges | — | 438 | |||||||||
Loss on termination of operations | 869 | — | |||||||||
Stock-based compensation, net of amounts capitalized | 3,051 | 6,656 | |||||||||
Interest expense paid-in-kind | 23,482 | — | |||||||||
Amortization of debt issuance costs | 2,398 | 1,490 | |||||||||
Deferred income tax benefit, net | (798) | (4,108) | |||||||||
Change in fair value of contingent consideration | (1,905) | 2,583 | |||||||||
Change in fair value of warrant liabilities | (9,185) | (3,360) | |||||||||
Loss from preferred warrants issuance | 553 | — | |||||||||
Change in Tax Receivable Agreement liability | — | (1,146) | |||||||||
Change in income tax receivable and payable | (167) | 9 | |||||||||
Change in accounts receivable | 17,942 | 1,984 | |||||||||
Change in contract assets | (10,436) | — | |||||||||
Change in prepaid expenses and other current assets | 798 | 416 | |||||||||
Change in operating right-of-use assets | 757 | — | |||||||||
Change in accounts payable and accrued expenses | (735) | (3,055) | |||||||||
Change in operating lease liabilities | (2,143) | (2,102) | |||||||||
Change in other liabilities | — | (137) | |||||||||
Net cash used in operating activities | (7,880) | (315) | |||||||||
Cash flows from investing activities | |||||||||||
Additions to property and equipment | (6,624) | (6,744) | |||||||||
Acquisition of business, net of cash acquired | (33,564) | (2,502) | |||||||||
Net cash used in investing activities | (40,188) | (9,246) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from borrowings on revolving credit facilities | 10,000 | 40,000 | |||||||||
Payments of long-term debt and notes payable | (2,250) | (2,250) | |||||||||
Payments of borrowings on revolving credit facilities | (250) | — | |||||||||
Payment of debt issuance costs | (1,928) | — | |||||||||
Proceeds from preferred shares and warrants issuance, net | 13,107 | — | |||||||||
Purchase of treasury stock related to stock-based compensation | (54) | (181) | |||||||||
Distributions to non-controlling interest holders | — | (563) | |||||||||
Payment of deferred consideration and contingent consideration payable | (428) | (5,000) | |||||||||
Net cash provided by financing activities | 18,197 | 32,006 | |||||||||
Net change in cash and cash equivalents and restricted cash | (29,871) | 22,445 | |||||||||
Cash and cash equivalents and restricted cash, beginning of period | 48,839 | 26,394 | |||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 18,968 | $ | 48,839 | |||||||
Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash Paid During the Period For | |||||||||||
Interest | $ | 13,074 | $ | 15,574 | |||||||
Income taxes | 170 | 1,214 | |||||||||
Non-Cash Transactions: | |||||||||||
Contingent and deferred acquisition consideration | $ | 2,392 | $ | 3,014 | |||||||
Stock-based compensation capitalized in property and equipment | 635 | 469 | |||||||||
Capital expenditures included in accounts payable | 155 | 151 | |||||||||
Issuance of equity for Crisp Results | — | 10,000 | |||||||||
Accretion and Dividends - Preferred Series A and B | 11,653 | — | |||||||||
Debt amendment fees paid-in-kind | 5,410 | — | |||||||||
Interest paid-in-kind | 23,482 | — |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (37,394) | $ | (25,135) | $ | (122,693) | $ | (52,500) | |||||||||||||||
Net loss % of revenue | (43) | % | (25) | % | (37) | % | (13) | % | |||||||||||||||
Adjustments to reconcile to variable marketing margin: | |||||||||||||||||||||||
Cost of revenue adjustment (1) | 2,986 | 5,879 | 13,920 | 24,470 | |||||||||||||||||||
Salaries and related costs | 9,100 | 11,260 | 43,583 | 49,872 | |||||||||||||||||||
General and administrative expenses | 11,504 | 9,257 | 46,578 | 41,878 | |||||||||||||||||||
Acquisition costs | — | 1,344 | 3,020 | 1,650 | |||||||||||||||||||
Depreciation and amortization | 3,727 | 6,866 | 19,460 | 28,242 | |||||||||||||||||||
Impairment of goodwill | 15,595 | — | 49,390 | — | |||||||||||||||||||
Impairment of intangible assets | 8,953 | 21,570 | 16,744 | 21,570 | |||||||||||||||||||
Change in fair value of contingent consideration | (1,620) | 50 | (1,905) | 2,583 | |||||||||||||||||||
Change in fair value of warrant liabilities | (636) | (880) | (9,185) | (3,360) | |||||||||||||||||||
Change in Tax Receivable Agreement liability | — | 245 | — | 125 | |||||||||||||||||||
Other (2) | (20) | 7 | (9) | 7 | |||||||||||||||||||
Interest expense, net | 12,903 | 5,292 | 38,634 | 17,366 | |||||||||||||||||||
Income tax benefit | 1,708 | (4,925) | (790) | (4,105) | |||||||||||||||||||
Total adjustments | 64,200 | 55,965 | 219,440 | 180,298 | |||||||||||||||||||
Variable marketing margin | $ | 26,806 | $ | 30,830 | $ | 96,747 | $ | 127,798 | |||||||||||||||
Variable marketing margin % of revenue | 31 | % | 31 | % | 29 | % | 33 | % |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (37,394) | $ | (25,135) | $ | (122,693) | $ | (52,500) | |||||||||||||||
Adjustments | |||||||||||||||||||||||
Interest expense, net | 12,903 | 5,292 | 38,634 | 17,366 | |||||||||||||||||||
Income tax benefit | 1,708 | (4,925) | (790) | (4,105) | |||||||||||||||||||
Depreciation and amortization | 3,727 | 6,866 | 19,460 | 28,242 | |||||||||||||||||||
Impairment of goodwill | 15,595 | — | 49,390 | — | |||||||||||||||||||
Impairment of intangible assets | 8,953 | 21,570 | 16,744 | 21,570 | |||||||||||||||||||
Change in fair value of warrant liabilities | (636) | (880) | (9,185) | (3,360) | |||||||||||||||||||
Change in fair value of contingent consideration liabilities | (1,548) | 51 | (1,833) | 2,583 | |||||||||||||||||||
Legal and professional fees - Equity Cure & Debt Amendment | 929 | — | 4,809 | — | |||||||||||||||||||
Change in Tax Receivable Agreement liability | — | 245 | — | 125 | |||||||||||||||||||
Stock-based compensation expense | 431 | 1,324 | 3,051 | 6,656 | |||||||||||||||||||
Restructuring costs | 648 | 146 | 6,298 | 2,312 | |||||||||||||||||||
Acquisition and other related costs (1) | — | 1,344 | 3,833 | 1,650 | |||||||||||||||||||
(Gain) loss on disposal of assets | — | 7 | (3) | 7 | |||||||||||||||||||
Other expense (2) | 411 | 1,170 | 2,178 | 5,110 | |||||||||||||||||||
Adjusted EBITDA | 5,727 | 7,075 | 9,893 | 25,656 | |||||||||||||||||||
Less: Capital Expenditures | 2,124 | 1,497 | 6,624 | 6,744 | |||||||||||||||||||
Unlevered free cash flow | $ | 3,603 | $ | 5,578 | $ | 3,269 | $ | 18,912 | |||||||||||||||
Unlevered free cash flow conversion | 62.9 | % | 78.8 | % | 33.0 | % | 73.7 | % |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Unlevered free cash flow | $ | 3,603 | $ | 5,578 | $ | 3,269 | $ | 18,912 | |||||||||||||||
Capital expenditures | 2,124 | 1,497 | 6,624 | 6,744 | |||||||||||||||||||
Adjusted EBITDA | 5,727 | 7,075 | 9,893 | 25,656 | |||||||||||||||||||
Impairment of goodwill | 15,595 | — | 49,390 | — | |||||||||||||||||||
Impairment of intangible assets | 8,953 | 21,570 | 16,744 | 21,570 | |||||||||||||||||||
Acquisition and other related costs (1) | — | 1,344 | 3,833 | 1,650 | |||||||||||||||||||
Change in fair value of contingent consideration liabilities | (1,548) | 51 | (1,833) | 2,583 | |||||||||||||||||||
Other expenses (2) | 411 | 1,170 | 2,178 | 5,110 | |||||||||||||||||||
Stock-based compensation | 431 | 1,324 | 3,051 | 6,656 | |||||||||||||||||||
Restructuring costs | 648 | 146 | 6,298 | 2,312 | |||||||||||||||||||
Change in fair value of warrant liabilities | (636) | (880) | (9,185) | (3,360) | |||||||||||||||||||
Legal and professional fees - Equity Cure & Debt Amendment | 929 | — | 4,809 | — | |||||||||||||||||||
(Gain) loss on disposal of assets | — | 7 | (3) | 7 | |||||||||||||||||||
Subtotal before additional adjustments | (19,056) | (17,657) | (65,389) | (10,872) | |||||||||||||||||||
Less: Interest expense, net | 12,903 | 5,292 | 38,634 | 17,366 | |||||||||||||||||||
Less: Income tax benefit | 1,708 | (4,925) | (790) | (4,105) | |||||||||||||||||||
Less: Change in Tax Receivable Agreement liability - Consolidated statements of operations | — | 245 | — | 125 | |||||||||||||||||||
Allowance for credit losses - Accounts receivable, net | 40 | 456 | 1,756 | 1,761 | |||||||||||||||||||
Allowance for credit losses - Contract assets, net | 2,337 | — | 2,337 | — | |||||||||||||||||||
Amortization of right-of-use assets | 126 | 937 | 648 | 937 | |||||||||||||||||||
(Gain) loss on disposal of assets | — | 7 | (3) | 7 | |||||||||||||||||||
Impairment of goodwill | 15,595 | — | 49,390 | — | |||||||||||||||||||
Impairment of intangible assets | 8,953 | 21,570 | 16,744 | 21,570 | |||||||||||||||||||
Lease restructuring charges | — | 605 | — | 438 | |||||||||||||||||||
Loss on termination of operations | 869 | — | 869 | — | |||||||||||||||||||
Stock-based compensation, net of amounts capitalized | 431 | 1,324 | 3,051 | 6,656 | |||||||||||||||||||
Interest expense paid-in-kind | 12,065 | — | 23,482 | — | |||||||||||||||||||
Amortization of debt issuance costs | (65) | 341 | 2,398 | 1,490 | |||||||||||||||||||
Deferred income tax benefit, net | 1,282 | (2,948) | (798) | (4,108) | |||||||||||||||||||
Change in fair value of contingent consideration | (1,620) | 50 | (1,905) | 2,583 | |||||||||||||||||||
Change in fair value of warrant liabilities | (636) | (880) | (9,185) | (3,360) | |||||||||||||||||||
Loss from preferred warrants issuance | — | — | 553 | — | |||||||||||||||||||
Change in Tax Receivable Agreement liability - Consolidated statements of cash flows | — | (1,026) | — | (1,146) | |||||||||||||||||||
Change in income tax receivable and payable | 446 | (1,288) | (167) | 9 | |||||||||||||||||||
Change in accounts receivable | 3,298 | (2,840) | 17,942 | 1,984 | |||||||||||||||||||
Change in contract assets | (10,436) | — | (10,436) | — | |||||||||||||||||||
Change in prepaid expenses and other current assets | 877 | (704) | 798 | 416 | |||||||||||||||||||
Change in operating right-of-use assets | 87 | — | 757 | — | |||||||||||||||||||
Change in accounts payable and accrued expenses | 5,463 | 2,286 | (735) | (3,055) | |||||||||||||||||||
Change in operating lease liabilities | (485) | (2,102) | (2,143) | (2,102) | |||||||||||||||||||
Change in other liabilities | — | 57 | — | (137) | |||||||||||||||||||
Net cash used in operating activities | $ | 4,960 | $ | (2,424) | $ | (7,880) | $ | (315) |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | (37,394) | $ | (25,135) | $ | (122,693) | $ | (52,500) | |||||||||||||||
Net loss attributable to non-controlling interest | (6,445) | $ | (4,010) | (41,012) | (20,548) | ||||||||||||||||||
Accretion and dividend Series A and B convertible redeemable preferred stock | (156) | $ | — | (11,653) | — | ||||||||||||||||||
Net loss attributable to Digital Media Solutions, Inc. - Class A common stock - basic | $ | (31,105) | $ | (21,125) | $ | (93,334) | $ | (31,952) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average Class A common shares outstanding – basic | 3,510 | 2,664 | 2,920 | 2,581 | |||||||||||||||||||
Add: dilutive effects of Class B convertible common stock | — | 1,713 | — | — | |||||||||||||||||||
Add: dilutive effects of equity awards under the 2020 Omnibus Incentive Plan | — | — | — | 2 | |||||||||||||||||||
Weighted-average Class A common shares outstanding – diluted | 3,510 | 4,377 | 2,920 | 2,583 | |||||||||||||||||||
Net loss per common share: | |||||||||||||||||||||||
Basic – per Class A common shares | $ | (8.86) | $ | (7.93) | $ | (31.96) | $ | (12.38) | |||||||||||||||
Diluted – per Class A common shares | $ | (8.86) | $ | (5.74) | $ | (31.96) | $ | (12.37) |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss attributable to Digital Media Solutions, Inc. - Class A common stock - basic and diluted | $ | (31,105) | $ | (21,125) | $ | (93,334) | $ | (31,952) | |||||||||||||||
Add adjustments: | |||||||||||||||||||||||
Change in fair value of warrant liabilities | (636) | (880) | (9,185) | (3,360) | |||||||||||||||||||
Acquisition costs | — | 1,344 | 3,833 | 1,650 | |||||||||||||||||||
Change in fair value of contingent consideration liabilities | (1,548) | 51 | (1,833) | 2,583 | |||||||||||||||||||
Restructuring costs | 648 | 146 | 6,298 | 2,312 | |||||||||||||||||||
Stock-based compensation expense | 431 | 1,324 | 3,051 | 6,656 | |||||||||||||||||||
(1,105) | 1,985 | 2,164 | 9,841 | ||||||||||||||||||||
Adjusted net loss attributable to Digital Media Solutions, Inc. - basic and diluted | (32,210) | (19,140) | (91,170) | (22,111) | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average shares outstanding - basic | 3,510 | 2,664 | 2,920 | 2,581 | |||||||||||||||||||
Weighted-average LLC Units of DMSH, LLC that are convertible into Class A common stock | 1,713 | 2 | 1,713 | 1,634 | |||||||||||||||||||
Weighted-average Preferred Stock Units that are convertible into Class A common stock | 2,317 | — | 1,738 | — | |||||||||||||||||||
7,540 | 2,666 | 6,371 | 4,215 | ||||||||||||||||||||
Adjusted EPS - basic and diluted | $ | (4.27) | $ | (7.18) | $ | (14.31) | $ | (5.25) | |||||||||||||||
Cover |
Apr. 18, 2024 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Apr. 18, 2024 |
Entity Registrant Name | Digital Media Solutions, Inc. |
Entity Central Index Key | 0001725134 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38393 |
Entity Tax Identification Number | 98-1399727 |
Entity Address, Address Line One | 4800 140th Avenue N. |
Entity Address, Address Line Two | Suite 101 |
Entity Address, City or Town | Clearwater |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33762 |
City Area Code | 877 |
Local Phone Number | 236-8632 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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