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AdTheorent Holding Company Inc.

    AdTheorent Holding Company Inc.

    AdTheorent is a privacy-forward, machine-learning powered programmatic advertising company. Put simply, the company uses machine learning and data science to target digital ads based on non-individualized predictive scores. Sophisticated data-driven advertisers who know digital and expect their digital campaigns to drive tangible business results are AdTheorent’s biggest clients.

    AdTheorent is improving the digital world for advertisers and consumers. By way of illustration, consider the following: when a consumer accesses content on a device — a mobile device, tablet, or laptop– a content page will render on that device, and that screen will likely contain an opportunity to show an ad, which is called a digital impression.

    Advertisers want to know which of these impressions or opportunities to show/serve ads are most likely to yield engagement, conversions, or other advertiser-specified actions by their customers such as credit card signups, online sales, a hotel or airline bookings, whatever action is behind the given ad campaign, the advertiser is trying to drive those actions. They want to buy the media that’s going to do just that.

    Behind the scenes, there’s a marketplace to buy and sell those ad opportunities. It’s an auction system that takes place in microseconds. AdTheorent occupies the demand-side platform silo in this ecosystem, enabling advertisers to purchase digital media and digital ad impressions in real time and one at a time.

    The key to AdTheorent’s success is that it has transformed how that is done. AdTheorent uses machine learning and data science as its core method of ad targeting and campaign optimization. This contrasts with cookie-based or other ID-based or user profile-based targeting, which focuses more on individual identities and retargeting users and profiles across the Internet.

Analyst

John Roy, PhD
Managing Director

Recent Sector Insights

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
Privacy-Forward AdTheorent Grows 6.5% Y/Y in a Tough Ad Environment
Update Note · 10 Aug 2022

2Q22 revenue of $42.5 million was up 6.5% Y/Y, partially driven by a 107% increase in CTV revenue, but below consensus of $45.4 million. Adjusted gross profit margin was roughly flat at 66.7%. The company’s number of active customers grew by 15% Y/Y to 331. AdTheorent Health saw good demand, addi...

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
CEO Outlines Six Key Points at Cowen Technology, Media & Telecom Conference
Update Note · 02 Jun 2022

AdTheorent CEO Jim Lawson discussed how its privacy-forward approach is winning. Interestingly, its two biggest verticals are banking/insurance and pharma—both privacy leading industries. The six key points we heard were: (1) privacy focus plus machine learning is working well, (2) direct access ...

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
1Q Revenue and Adjusted Growth Profit up over 10% Y/Y – Reaffirms Full-Year Guidance
Update Note · 12 May 2022

1Q22 revenue of $34.2 million was up 10.6% Y/Y, partially driven by a 42% increase in CTV revenue. Adjusted gross profit margin was roughly flat at 72.1%. The company expects to add more than 700 data signals, which should give the AI more to work with and should enable more information post-ca...

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
Guiding for Ramping Profits in 2022; New Sales Teams and CTV Driving Growth Over 20% Y/Y
Update Note · 04 Mar 2022

Full-year 2021 revenue grew 36.6%, gross profit was up 42.3%, and adjusted EBITDA was up 72.7%. CEO Jim Lawson indicated that the market is giving AdTheorent an opening, driven by increase in digital and more focus on privacy. Jim sees 2022 as all about execution and scaling. • AdTheorent will ...

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
Reiterates 30% Growth Guidance, Highlights Privacy Advantages, and Trades at 42% Discount to Peers
Update Note · 12 Jan 2022

AdTheorent CEO Jim Lawson reiterated 2021 guidance for 30% revenue growth, 30% adjusted gross profit growth, and above 30% EBITDA margin at the Needham Growth Conference. Lawson also highlighted AdTheorent’s privacy advantages and how those are driving sales.

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
MCAP-AdTheorent Business Combination Approved, Is Expected to Start Trading Under AdTheorent ‘ADTH’, and at 23% Discount to Peers
Update Note · 22 Dec 2021

MCAP Acquisition Corp. and AdTheorent business combination was approved on December 22, which will create a roughly $1.0 billion market cap company. AdTheorent is a programmatic digital advertising leader using advanced machine learning technology and privacy-forward solutions. The MCAP Acquisi...

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on 2022 Growth Vectors
Management Series · 21 Dec 2021

Water Tower Research hosted James Lawson, CEO of AdTheorent, on December 20, 2021. This was the third in our series of WTR Fireside Chats with AdThorent. We took a deep dive into AdTheorent’s growth vectors for 2022. The event is available on demand, and is open to all investors.

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on December 20, 2021 at 2 pm EST on 2022 Growth Vectors
Fireside Chat Invitation · 16 Dec 2021

We are pleased to host James Lawson, CEO of AdTheorent on December 20, 2021 at 2 pm EST as part of our WTR Fireside Chat Series. We will take a deep-dive into AdTheorent’s 2022 growth vectors. The event is open to all investors.

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on Connected Television (CTV)
Management Series · 15 Dec 2021

Water Tower Research hosted James Lawson, CEO of AdTheorent on December 14, 2021, as a part of our WTR Fireside Chat Series. We took a deep dive into AdTheorent’s Connected Television (TV) business. The event is available for viewing on demand, and is open to all investors.

AdTheorent Holding Company Inc. (NASDAQ: ADTH)
Water Tower Research begins coverage on AI digital advertising company AdTheorent
Interview · 14 Dec 2021

Water Tower Research Managing Director, Technology John Roy talks to Proactive about initiating coverage on MCAP Acquisition Corp, merging with programmatic digital advertising company AdTheorent (NASDAQ: MACQ). Roy says the group, which uses advanced machine learning technology and privacy-forwa...

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
Merging with AdTheorent, Ad AI Technology Leader Projecting 30% CAGR Going Public at 28% Discount to Peers
Initiation Of Coverage Report · 14 Dec 2021

MCAP Acquisition Corp. is merging with AdTheorent, a programmatic digital advertising leader using advanced machine learning technology and privacy-forward solutions (“AdTheorent Predictive Advertising”) to deliver measurable value for advertisers and marketers. AdTheorent’s approach uses aggrega...

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on December 14, 2021 at 11 am EST
Fireside Chat Invitation · 10 Dec 2021

We are pleased to host James Lawson, CEO of AdTheorent on December14, 2021 at 11 am EST as part of our WTR Fireside Chat Series. We will take a deep-dive into AdTheorent’s Connected Television business. The event is open to all investors.

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson
Management Series · 09 Dec 2021

Water Tower Research hosted James Lawson, CEO of AdTheorent on December 7, 2021, as a part of our WTR Fireside Chat Series. We took a deep dive into AdTheorent’s business and the digital advertising landscape. The event is available on demand, and is open to all investors.

TECHNOLOGY
AdTheorent Holding Company Inc. (NASDAQ: ADTH)
WTR Fireside Chat with AdTheorent CEO James Lawson on December 8, 2021 at 11 am Eastern Time
Fireside Chat Invitation · 06 Dec 2021

We are pleased to host James Lawson, CEO of AdTheorent on December 8, 2021 at 11 am EST as part of our WTR Fireside Chat Series. We will take a deep-dive into AdTheorent’s business and the digital advertising landscape. The event is open to all investors.

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