Audioboom Group (BOOM) Q4 2024 TU earnings summary

Executive summary

• Achieved $73.4 million in 2024 revenue, up 13% year-over-year, outpacing industry growth and capturing market share.

• Adjusted EBITDA reached $3.4 million, a $3.8 million improvement from 2023 and above upgraded expectations, with Q4 margin exceeding 10%.

• Showcase, the ad tech marketplace, grew 56% year-over-year to $23.1 million, now contributing over 32% of revenue with a 31% gross margin.

• Record KPIs: $75.62 RPM in Q4, 9,497 brands advertising monthly, and strong upfront bookings for 2025.

• Ended 2024 as the 4th largest podcast publisher in the US, with strong global rankings and increased market share.

Financial highlights

• 2024 revenue was $73.4 million, up 13% from 2023 and 8% ahead of IAB industry projections.

• Adjusted EBITDA of $3.4 million, 10% above the latest market expectation, with Q4 adjusted EBITDA at $2.1 million and margin over 10%.

• Gross margin improved from 3% in Q3 2023 to 24% in Q4 2024, with a $2 million increase in Q4 gross profit year-over-year.

• Revenue per employee exceeded $1.8 million in 2024, up 10% year-over-year.

• Cash collection efficiency remained high, with 97% of revenue collected, debtor days at 82, and minimal bad debt write-offs.

Outlook and guidance

• 2025 revenue guidance is $80 million, with over $54 million already booked at 17% higher pricing than last year.

• Adjusted EBITDA guidance for 2025 is $4.5 million, with expectations to outperform and further gross margin improvements.

• Continued focus on growing Showcase, renewing/signing top-tier podcasts, and investing in technology.

• Seasonality expected, with EBITDA margin weighted to the second half of the year.

• Further reductions in minimum guarantee obligations expected in 2025, reducing financial exposure.