Direct Digital Holdings Files Q1 2024 10-Q
Ticker: DRCT · Form: 10-Q · Filed: Oct 15, 2024 · CIK: 1880613
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: DRCT
TL;DR
DRCT Q1 24 10-Q filed. Financials out.
AI Summary
Direct Digital Holdings, Inc. filed its 10-Q for the period ending March 31, 2024. The company, operating in the advertising services sector, reported financial results for the first quarter of 2024. Key financial data and operational details for this period are detailed within the filing.
Why It Matters
This filing provides investors and analysts with the official financial performance and operational status of Direct Digital Holdings for the first quarter of 2024, crucial for understanding the company's trajectory.
Risk Assessment
Risk Level: medium — As a publicly traded company, Direct Digital Holdings is subject to market volatility and regulatory scrutiny, inherent risks for any 10-Q filing.
Key Numbers
- 2024 Q1 — Reporting Period (Indicates the specific quarter for which the 10-Q provides financial data.)
- 12-31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
Key Players & Entities
- Direct Digital Holdings, Inc. (company) — Filer of the 10-Q
- 20240331 (date) — End of the reporting period
- 77027 (location) — ZIP code for business and mailing address
- 832-402-1051 (phone_number) — Business phone number
FAQ
What is the primary business of Direct Digital Holdings, Inc.?
Direct Digital Holdings, Inc. operates in the SERVICES-ADVERTISING sector, SIC code 7310.
What is the filing date of this 10-Q report?
This 10-Q report was filed on October 15, 2024.
What is the period covered by this 10-Q filing?
The period of report for this 10-Q is March 31, 2024, covering the first quarter of 2024.
Where is Direct Digital Holdings, Inc. located?
The company's business and mailing address is 1177 West Loop South, Suite 1310, Houston, TX 77027.
What is the SEC file number for Direct Digital Holdings, Inc.?
The SEC file number for Direct Digital Holdings, Inc. is 001-41261.
Filing Stats: 4,613 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-10-15 16:42:35
Key Financial Figures
- $0.001 — tered: Class A Common Stock, par value $0.001 per share DRCT Nasdaq Capital Market
Filing Documents
- drct-20240331.htm (10-Q) — 1046KB
- drct-03312024xexx311.htm (EX-31.1) — 10KB
- drct-03312024xexx312.htm (EX-31.2) — 10KB
- drct-03312024xexx321.htm (EX-32.1) — 5KB
- drct-03312024xexx322.htm (EX-32.2) — 5KB
- 0001628280-24-042845.txt ( ) — 7382KB
- drct-20240331.xsd (EX-101.SCH) — 65KB
- drct-20240331_cal.xml (EX-101.CAL) — 76KB
- drct-20240331_def.xml (EX-101.DEF) — 387KB
- drct-20240331_lab.xml (EX-101.LAB) — 742KB
- drct-20240331_pre.xml (EX-101.PRE) — 564KB
- drct-20240331_htm.xml (XML) — 851KB
Financial Information
Part I. Financial Information 3 1.
FINANCIAL STATEMENTS (UNAUDITED)
FINANCIAL STATEMENTS (UNAUDITED) C ondensed C onsolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 202 3 3 C ondensed C onsolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 4 C ondensed C onsolidated Changes in Stockholders' Deficit for the Three Months Ended March 3 1 , 202 4 and 202 3 5 C ondensed C onsolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 6 Notes to C ondensed C onsolidated Financial Statements 7 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 26 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 38 4.
Controls and Procedures
Controls and Procedures 38
Other Information
Part II. Other Information 39 1.
Legal Proceedings
Legal Proceedings 39 1A.
Risk Factors
Risk Factors 40 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 3. Defaults Upon Senior Securities 40 4. Mine Safety Disclosures 40 5. Other Information 40 6. Exhibits 41
Signatures
Signatures 42 2 Table o f Contents PART 1. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS DIRECT DIGITAL HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,334 $ 5,116 Accounts receivable, net of provision for credit losses of $ 337 and $ 344 21,435 37,207 Prepaid expenses and other current assets 849 759 Total current assets 25,618 43,082 Property, equipment and software, net 529 599 Goodwill 6,520 6,520 Intangible assets, net 11,195 11,684 Deferred tax asset, net 6,332 6,132 Operating lease right-of-use assets 751 788 Related party receivable 1,737 1,737 Other long-term assets 88 130 Total assets $ 52,770 $ 70,672 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable $ 15,864 $ 33,926 Accrued liabilities 2,156 3,816 Liability related to tax receivable agreement, current portion 41 41 Current maturities of long-term debt 1,473 1,478 Deferred revenues 557 381 Operating lease liabilities, current portion 151 126 Income taxes payable 33 34 Total current liabilities 20,275 39,802 Long-term debt, net of current portion 32,356 28,578 Liability related to tax receivable agreement, net of current portion 5,201 5,201 Operating lease liabilities, net of current portion 728 773 Total liabilities 58,560 74,354 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' DEFICIT Class A Common Stock, $ 0.001 par value per share, 160,000,000 shares authorized, 3,684,278 and 3,478,776 shares issued and outstanding, respectively 4 3 Class B Common Stock, $ 0.001 par value per share, 20,000,000 shares authorized, 10,868,000 shares issued and outstanding 11 11 Additional paid-in capital 3,441 3,067 Accumulated deficit ( 3,313 ) ( 2,538 ) Noncontrolling interest ( 5,933 ) ( 4,225 ) Total stockholders' deficit ( 5,790 ) ( 3,682 ) Total liabilities and stockholders' deficit $ 52,770 $ 70,672 See accompanying notes t