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Financial Highlights for the First Half of 2010 Ended June 30, 2010 and Full Year of 2009
| (in thousands USD) | ||||
|
1H'10 (unaudited) |
1H'09 (unaudited) |
% Change |
FY2009 |
|
|---|---|---|---|---|
| Adjusted Revenue* | $ 38,160 | $ 14,100 | 170% | $ 89,955 |
| Adjusted EBITDA* | $ 1,470 | $ (3,178) | N/A | $ 24,727 |
| * We present Adjusted EBITDA as a supplemental measure of our performance. Adjusted EBITDA is defined as net income (loss) before non-controlling interest plus (i) income tax expense (benefit), (ii) interest expense, (iii) loss in equity investments, (iv) foreign exchange gains (losses), (v) depreciation and amortization, (vi) non-cash share-based compensation, and (vii) non-recurring expenses. Refer to footnotes below on reconciliation from net income (loss) before non-controlling interest to Adjusted EBITDA. | ||||
Key Growth Drivers for First Half of 2010
Velti’s growth in the first half of 2010 reflects a combination of:
- Revenue growth continued across all business lines including the continued adoption of Velti’s Software-as-a-Service (SaaS) model;
- Increased spending in the mobile medium by advertisers and marketers;
- Increased smartphone adoption (iPhone, Android, Blackberry) by consumers.
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