Thursday, October 24, 2024
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Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Steady as she goes. Third quarter results were in line with our estimates, with revenue of $20.1 million (down 2.4% year over year), versus our estimate of $20.9 million. Adj. EBITDA was $4.6 million (up 19.3% year over year), better than our estimate of $3.8 million by almost 21% due to lower than expected sales & marketing expenses.
Swing toward revenue growth. Advertising revenue was down slightly to $19.7 million from $20.0 million in Q2, with membership revenue up from $1.2 million in Q2 to $1.4 million in Q3. The membership revenue increase reflected improved subscriptions with Jack’s Flight Club, which was expanded into Canada.
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