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Millennial Media Reports 2013 Fourth Quarter and Full Year Financial Results

  Millennial Media Reports 2013 Fourth Quarter and Full Year Financial Results

Fourth Quarter Pro Forma Combined Revenue $109.5 million; Pro Forma Combined
Adjusted EBITDA of $7.7 million

Business Wire

BALTIMORE -- February 19, 2014

Millennial Media, Inc. (NYSE: MM), the leading independent mobile advertising
platform, today reported financial results for the fourth quarter and full
year ended December 31, 2013.

Financial Results and Business Highlights for the Fourth Quarter of 2013

Revenue: For the fourth quarter of 2013, pro forma combined revenue (including
results of the Company’s Jumptap, Inc. subsidiary for the entire quarter)
increased to $109.5 million from $75.9 million for the fourth quarter of 2012
on a comparable basis, a year over year increase of 44%. Pro forma combined
revenue is calculated as the sum of Millennial Media and Jumptap revenue for
the entire fourth quarter, with an adjustment for any intercompany revenue.
GAAP Revenue for Q4 2013 was $96.7 million. For GAAP purposes, the Company
began to include revenue from Jumptap as of November 6, 2013.

Gross Margin: For the fourth quarter of 2013, pro forma combined gross margin
adjusted for any intercompany cost of revenue was 38.2% compared with pro
forma combined gross margin of 40.6% for Q4 2012. Gross margin on a GAAP basis
was 38.7% for Q4 2013, compared to a GAAP gross margin of 41.2% for Q4 2012.

Net Income (Loss): For the fourth quarter of 2013, on a GAAP basis, net loss
attributable to common stockholders was $(3.7) million, compared to net income
attributable to common stockholders of $2.6 million for the fourth quarter of
2012.

Adjusted EBITDA: For the fourth quarter of 2013, pro forma combined Adjusted
EBITDA, a non-GAAP financial measure (see definition below), was $7.7 million,
compared to pro forma combined Adjusted EBITDA of $2.2 million for the fourth
quarter of 2012. On a non pro forma basis, Adjusted EBITDA for the quarter
(based on GAAP revenue and expenses) was $7.6 million, compared to $5.6
million for the fourth quarter of 2012.

Net Income (Loss) per Share: For the fourth quarter of 2013, on a GAAP basis,
basic and diluted net loss per common share was $(0.04), compared to basic and
diluted net income per common share of $0.03 for the fourth quarter of 2012.

Non-GAAP Net Income (Loss) Per Common Share: For the fourth quarter of 2013,
non-GAAP net income per common share was $0.08, compared to non-GAAP net
income per common share of $0.07 for the fourth quarter of 2012.

Other Business Metrics: As of December 31, 2013, Millennial Media reached over
600 million monthly unique users globally, including approximately 170 million
monthly unique users in the United States alone. As of December 31, 2013, more
than 50,000 apps were enabled by mobile app developers to operate on
Millennial Media’s platform, and Millennial Media had more than 625 million
proprietary, anonymous user profiles used for delivering the most relevant ads
to consumers.

Financial Results for the Full Year 2013

Revenue: For the full year 2013, pro forma combined revenue increased to
$341.8 million from $241.3 million for the full year 2012, an increase of
41.6%. GAAP Revenue for the full year of 2013 was $259.2 million compared to
$177.7 million for 2012.

Gross Margin: For the full year 2013, pro forma combined gross margin was
39.4% compared to pro forma combined gross margin of 40.0% for 2012. Full year
gross margin on a GAAP basis was 40.3% for full year 2013 compared to 40.5%
for 2012.

Net Income (Loss): For the full year 2013, net loss attributable to common
stockholders, on a GAAP basis, was $(15.1) million, compared to a net loss
attributable to common stockholders of $(6.8) million for the full year 2012.

Adjusted EBITDA: For the full year 2013, pro forma combined Adjusted EBITDA
was $3.3 million compared to a loss of $6.9 million pro forma combined for the
full year 2012. On a non pro forma basis, Adjusted EBITDA for the full year
2013 (based on GAAP revenue and expenses) was $9.0 million, compared to $4.5
million for the full year 2012.

Net Income (Loss) per Share: For the full year 2013, on a GAAP basis, basic
and diluted net loss per common share was $(0.18), compared to $(0.11) for the
full year 2012.

Non-GAAP Net Income (Loss) Per Common Share: For the full year 2013, non-GAAP
net income per common share was $0.10, compared to non-GAAP net income per
common share of $0.07 for the full year of 2012.

“Our fourth quarter success is a testament to the strategic decisions we made
in 2013,” said Michael Avon, CFO and EVP at Millennial Media. "From the
acquisition of Jumptap, and our measured approach to integration, to the
launch of our own mobile ad exchange, MMX, we have been able to innovate and
execute on behalf of our clients. We are entering 2014 with a solid foundation
to continue our growth in the coming months."

“I am delighted to join Millennial Media at such an exciting time,” said
Michael Barrett, CEO at Millennial Media. “The Company has long led its
industry; a fearless innovator with the technology and creative capabilities
to match. I’m incredibly proud of what this Company has achieved and look
forward to pushing the limits as we grow.”

Outlook

Based on information available as of today, Millennial Media expects total
revenue for the first quarter of 2014 to be in the range of $72 million to $76
million and Adjusted EBITDA to be a loss between $(5) million and $(6)
million.

Fourth Quarter 2013 Financial Results Conference Call: Millennial Media will
host a conference call today at 5:00 p.m. ET to discuss its fourth quarter and
full year financial results, developments in its business, and the Company’s
expectations for the first quarter of 2014. A live webcast of the event will
be available on the Investor Relations page of the Millennial Media website at
http://investors.millennialmedia.com. A live domestic dial-in is available at
866-318-8611 (U.S.) or 617-399-5130 (international) using passcode 39537338.
If you are unable to listen to the live conference call, a replay will be
available through February 26, 2014, and can be accessed by dialing
888-286-8010 (U.S.) or 617-801-6888 (international) using passcode 70765721.
An archived version of the webcast will also be available at
http://investors.millennialmedia.com.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and
presented in accordance with U.S. generally accepted accounting principles
(“GAAP”), Millennial Media reports Adjusted EBITDA, which is a non-GAAP
financial measure defined as net income or net loss before interest, taxes,
depreciation, amortization, non-cash stock-based compensation and expenses
related to acquisitions, such as costs for services of lawyers, investment
bankers, accountants and other third parties and acquisition related severance
costs, bonuses and retention bonuses and accrual of retention payments that
represent contingent compensation to be recognized over a requisite period. We
define non-GAAP net income (loss) per common share as Adjusted EBITDA divided
by diluted weighted average common shares outstanding. The Company uses these
non-GAAP financial measures for financial and operational decision making and
as a means to evaluate period-to-period comparisons. The Company believes that
these measures provide useful information about operating results, enhance the
overall understanding of past financial performance and future prospects, and
allow for greater transparency with respect to key metrics used by management
in its financial and operational decision making. Non-GAAP financial measures
should be considered in addition to results and guidance prepared in
accordance with GAAP, but should not be considered a substitute for, or
superior to, GAAP results.

The Company also presents Adjusted EBITDA on a pro forma combined basis. Pro
forma combined Adjusted EBITDA includes results of the Company’s Jumptap, Inc.
subsidiary for the entire period. A reconciliation of historical Adjusted
EBITDA to net loss, the most directly comparable GAAP financial measure, for
each of Millennial Media and Jumptap and on a pro forma combined basis, is set
forth in the tables following this release.

About Millennial Media

Millennial Media is the leading independent mobile advertising platform. The
Company’s unique data asset and full technology stack enable its demand- and
supply-side clients to garner meaningful results to drive their business.
Based on its mobile-first approach to data, technology, and audience
targeting, Millennial Media connects consumers with relevant messages across
screens. For advertisers looking to reach and engage with consumers in
powerful ways, Millennial Media offers a broad array of solutions, delivered
through brand, performance, and programmatic approaches. For developers and
publishers, the Company offers a comprehensive set of managed and automated
services designed to help them maximize their revenues.

Forward-Looking Statements

The statements in this press release that are not historical facts constitute
“forward-looking statements” that involve risks and uncertainties and are made
pursuant to the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include expectations regarding financial results
for the first quarter of 2014. The achievement or success of the matters
covered by such forward-looking statements involve risks, uncertainties and
assumptions, and if any such risks or uncertainties materialize or if any of
the assumptions prove incorrect, our results could differ materially from the
results expressed or implied by the forward-looking statements we make. These
risks and uncertainties include, but are not limited to, risks associated with
our ability to continue to accelerate growth and provide enhanced gross margin
performance; our ability to expand our developer and advertiser base and
increase demand for our services; our ability to keep pace with technological
and market developments and remain competitive against larger companies in our
industry as well as potential new entrants into our markets; and our recent
acquisition of Jumptap, including our ability to integrate the two businesses
and realize the expected benefits from the acquisition. Further information on
these and other factors that could affect our results is included in our
Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, filed
with the Securities and Exchange Commission (the “SEC”) on November 14, 2013
and other filings we make with the SEC from time to time. These documents are
available on the ‘SEC Filings’ section of the Investor Relations page of our
website at http://investors.millennialmedia.com.

The statements made in this release are based on information available to us
as of the date of this release, and we assume no obligation and do not intend
to update these forward-looking statements, except as required by law.

                                                               
Millennial Media, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
                                                                  
                                                   December 31,   December 31,
                                                   2013           2012
Assets
Current assets:
Cash and cash equivalents                          $  99,237      $  137,439
Restricted cash                                       320            –
Accounts receivable, net of allowances of $4,773
and $2,673 as of December 31, 2013 and December       109,056        59,179
31, 2012, respectively
Prepaid expenses and other current assets            4,243        1,966   
Total current assets                                  212,856        198,584
                                                                  
Long-term assets:
Property and equipment, net                           12,663         6,850
Restricted cash                                       515            –
Goodwill                                              135,489        1,348
Intangible assets, net                                57,706         913
Other assets                                         375          754     
Total long-term assets                               206,748      9,865   
Total assets                                       $  419,604    $  208,449 
                                                                  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses              $  7,617       $  3,788
Accrued cost of revenue                               65,053         34,430
Accrued payroll and payroll related expenses          8,767          6,038
Deferred revenue                                     868          169     
Total current liabilities                             82,305         44,425
                                                                  
Other long-term liabilities                          1,829        243     
Total liabilities                                     84,134         44,668
                                                                  
                                                                  
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000,000
shares authorized, no shares issued and               –              –
outstanding as of December 31, 2013 and December
31, 2012
Common stock, $0.001 par value, 250,000,000
shares authorized, 106,314,909 and 79,182,913         106            79
shares issued and outstanding as of December 31,
2013 and December 31, 2012, respectively
Additional paid-in capital                            400,716        213,823
Accumulated other comprehensive loss                  (196    )      (78     )
Accumulated deficit                                  (65,156 )     (50,043 )
Total stockholders’ equity                           335,470      163,781 
Total liabilities and stockholders’ equity         $  419,604    $  208,449 
                                                                  

Millennial Media, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
                                                              
                    Three Months Ended December      Year Ended December 31,
                    31,
                    2013             2012            2013          2012
                                                                   
Revenue             $  96,663        $  57,960       $ 259,171     $ 177,667
Cost of revenue       59,216         34,057       154,774     105,739 
Gross profit           37,447           23,903         104,397       71,928
Operating
expenses:
Sales and              13,562           7,256          38,682        23,816
marketing
Technology and         6,763            3,535          18,966        13,620
development
General and           20,920         10,525       61,891      38,954  
administrative
Total operating       41,245         21,316       119,539     76,390  
expenses
Income (loss)          (3,798  )        2,587          (15,142 )     (4,462  )
from operations
Interest and
other expense:
Interest expense,      (60     )        (13     )      (95     )     (64     )
net
Other income          77             –            77          (834    )
(expense)
Total interest
and other income      17             (13     )     (18     )    (898    )
(expense)
Income (loss)
before income          (3,781  )        2,574          (15,160 )     (5,360  )
taxes
Income tax            78             (24     )     47          (70     )
benefit (expense)
Net income (loss)      (3,703  )        2,550          (15,113 )     (5,430  )
Accretion of
dividends on
redeemable            -              -            -           (1,328  )
convertible
preferred stock
Net income (loss)
attributable to     $  (3,703  )     $  2,550       $ (15,113 )   $ (6,758  )
common
stockholders
                                                                   
Net income (loss)
per share:
Basic               $  (0.04   )     $  0.03         $ (0.18   )   $ (0.11   )
Diluted             $  (0.04   )     $  0.03         $ (0.18   )   $ (0.11   )
                                                                   
Weighted average
common shares
outstanding:
Basic                  96,210           77,793         84,029        60,951
Diluted                96,210           83,091         84,029        60,951
                                                                   
Stock-based
compensation
expense included
above:
Sales and           $  255           $  593          $ 877         $ 1,003
marketing
Technology and         162              879            1,665         3,768
development
General and            1,738            729            6,411         2,703
administrative
                                                                   


Millennial Media, Inc.
Reconciliation of GAAP Net Income (loss) to Non-GAAP Adjusted EBITDA
(in thousands)
                                                               
                        Three Months Ended December   Year Ended December 31,
                        31,
                        2013             2012         2013          2012
Net income (loss)       $  (3,703  )     $  2,550     $ (15,113 )   $ (5,430 )
Adjustments:
Interest expense, net      60               13          95            64
Income tax (benefit)       (78     )        24          (47     )     70
expense
Depreciation and           2,769            772         5,913         2,365
amortization expense
Acquisition-related        6,141            -           8,410         -
costs
Deferred compensation      250              -           750           -
Stock-based               2,155          2,201      8,953       7,474  
compensation expense
Total net adjustments     11,297         3,010      24,074      9,973  
Adjusted EBITDA         $  7,594        $  5,560     $ 8,961      $ 4,543  
                                                                    
Reconciliation of GAAP Net Income (Loss) per share to Diluted Non-GAAP Net
Income (Loss) per share
                                                                    
                        Three Months Ended December   Year Ended December 31,
                        31,
                        2013             2012         2013          2012
Net income (loss) per      (0.04   )     $  0.03      $ (0.18   )   $ (0.11  )
share
Adjustments:
Accretion of
dividends on               -                -           -             0.02
preferred
Interest expense, net      0.00             0.00        0.00          0.00
Income tax benefit         (0.00   )        0.00        (0.00   )     0.00
(expense)
Depreciation and           0.03             0.01        0.07          0.04
amortization expense
Acquisition-related        0.06             -           0.10          -
costs
Deferred compensation      0.01             -           0.01          -
Stock-based               0.02           0.03       0.10        0.12   
compensation expense
Total net adjustments     0.12           0.04       0.28        0.18   
Diluted non-GAAP net
income (loss) per       $  0.08         $  0.07      $ 0.10       $ 0.07   
share
Diluted weighted
average common shares      98,650           83,091      87,172        67,215
outstanding
                                                                    
Amounts in the above table have been rounded and therefore may not sum.
                      

                                                                                                                                                                                     
                      Unaudited Pro Forma Combined Statement of Operations
                      (in millions)
                      Three Months Ended March 31, 2013    Three Months Ended June 30, 2013     Three Months Ended September 30,     Three Months Ended December 31,       Year Ended December 31, 2013
                                                                                                2013                                 2013
                      Millennial  Jumptap    Combined    Millennial  Jumptap    Combined    Millennial  Jumptap    Combined    Millennial  Jumptap    Combined     Millennial  Jumptap     Combined
                      Media                                Media                                Media                                Media                                 Media
                                                                                                                                                                                                     
Revenue               $  49.44     $ 15.18     $ 64.62     $  57.01     $ 24.31     $ 81.32     $  56.06     $ 30.47     $ 86.53     $  96.66     $ 12.87     $ 109.54     $ 259.17     $ 82.84      $ 342.01
Intercompany             -           -           -            -           -           -            -           -           (0.21 )      -           -           (0.04  )     -            -            (0.26  )
revenue
Net revenue             49.44    15.18    64.62      57.01    24.31    81.32      56.06    30.47    86.32      96.66    12.87    109.49     259.17    82.84     341.75 
Revenue phasing (%                               19    %                              24    %                              25    %                              32     %                               100    %
of annual)
Cost of revenue          28.87       9.11        37.99        32.82       15.45       48.28        33.86       19.38       53.24        59.22       8.49        67.70        154.77       52.44        207.21
Intercompany cost       -        -        -          -        -        -          -        -        (0.21 )     -        -        (0.04  )    -         -         (0.26  )
of revenue
Net cost of revenue     28.87    9.11     37.99      32.82    15.45    48.28      33.86    19.38    53.03      59.22    8.49     67.66      154.77    52.44     206.96 
Gross profit             20.56       6.07        26.63        24.19       8.86        33.04        22.20       11.09       33.29        37.45       4.39        41.83        104.40       30.40        134.80
                                                                                                                                                                                                     
Operating expenses:
Sales and marketing      8.14        4.84        12.98        8.35        5.63        13.98        8.63        5.34        13.97        13.56       2.48        16.04        38.68        18.30        56.98
Technology and           4.19        3.92        8.11         4.07        4.27        8.34         3.94        4.13        8.06         6.76        2.21        8.97         18.97        14.52        33.49
development
General and             11.96    1.76     13.72      14.78    1.78     16.56      14.23    2.87     17.10      20.92    5.92     26.84      61.89     12.33     74.22  
administrative
Total operating         24.29    10.53    34.82      27.21    11.68    38.89      26.80    12.34    39.13      41.25    10.61    51.85      119.54    45.15     164.69 
expenses
Loss from                (3.73 )     (4.46 )     (8.19 )      (3.02 )     (2.82 )     (5.84 )      (4.60 )     (1.25 )     (5.84 )      (3.80 )     (6.22 )     (10.02 )     (15.14 )     (14.75 )     (29.89 )
operations
Interest and other
expense
Interest expense         (0.01 )     (0.20 )     (0.21 )      (0.01 )     (0.21 )     (0.22 )      (0.01 )     (0.22 )     (0.24 )      (0.06 )     (0.16 )     (0.22  )     (0.09  )     (0.79  )     (0.88  )
Other                   -        0.14     0.14       -        (0.03 )   (0.03 )     -        (0.14 )   (0.14 )     0.08     0.28     0.36       0.08      0.25      0.32   
income/(expense)
Total interest and       (0.01 )     (0.06 )     (0.07 )      (0.01 )     (0.24 )     (0.25 )      (0.01 )     (0.37 )     (0.38 )      0.02        0.12        0.14         (0.02  )     (0.54  )     (0.56  )
other expense
Loss before income       (3.74 )     (4.52 )     (8.26 )      (3.03 )     (3.06 )     (6.09 )      (4.61 )     (1.61 )     (6.22 )      (3.78 )     (6.10 )     (9.88  )     (15.16 )     (15.29 )     (30.45 )
taxes
Income tax benefit      (0.02 )   -        (0.02 )     (0.02 )   -        (0.02 )     0.01     -        0.01       0.08     -        0.08       0.05      -         0.05   
(expense)
                                                                                                                                                                                                     
                                                                                                                                                                                                     
Net loss              $  (3.75 )  $ (4.52 )  $ (8.27 )   $  (3.05 )  $ (3.06 )  $ (6.11 )   $  (4.60 )  $ (1.61 )  $ (6.22 )   $  (3.70 )  $ (6.10 )  $ (9.80  )   $ (15.11 )  $ (15.29 )  $ (30.41 )
                                                                                                                                                                                                     
                                                                                                                                                                                                     
AEBITDA
Net Loss              $  (3.75 )   $ (4.52 )   $ (8.27 )   $  (3.05 )   $ (3.06 )   $ (6.11 )   $  (4.60 )   $ (1.61 )   $ (6.22 )   $  (3.70 )   $ (6.10 )   $ (9.80  )   $ (15.11 )   $ (15.29 )   $ (30.41 )
Adjustments:                                                                                                                         
Interest expense,        0.01        0.20        0.21         0.01        0.21        0.22         0.02        0.22        0.24         0.06        0.16        0.22         0.10         0.79         0.88
net
Income tax               0.02        -           0.02         0.02        -           0.02         (0.01 )     -           (0.01 )      (0.08 )     -           (0.08  )     (0.05  )     -            (0.05  )
(benefit) expense
Depreciation and
amortization             0.94        0.31        1.25         1.06        0.39        1.45         1.14        0.51        1.65         2.77        0.20        2.97         5.91         1.41         7.32
expense
Acquisition-related      0.36        -           0.36         0.12        -           0.12         1.79        1.11        2.89         6.14        5.99        12.13        8.41         7.10         15.51
costs
Deferred                 -           -           -            0.25        -           0.25         0.25        -           0.25         0.25        -           0.25         0.75         -            0.75
compensation
Stock-based
compensation             1.66        0.11        1.77         3.51        0.12        3.62         1.64        0.22        1.86         2.15        0.09        2.25         8.95         0.54         9.50
expense
Jumptap warrant and
derivative expense      -        (0.14 )   (0.14 )     -        0.03     0.03       -        0.14     0.14       -        (0.28 )   (0.28  )    -         (0.25  )   (0.25  )
(income)
Total net               2.98     0.48     3.46       4.97     0.75     5.71       4.83     2.20     7.03       11.30    6.17     17.46      24.08     9.59      33.67  
adjustments:
Adjusted EBITDA       $  (0.77 )  $ (4.04 )  $ (4.81 )   $  1.92    $ (2.31 )  $ (0.40 )   $  0.22    $ 0.59    $ 0.81     $  7.59    $ 0.07    $ 7.66      $ 8.96     $ (5.70  )  $ 3.26   
                                                                                                                                                                                                     
Amounts in the tables above have been rounded and therefore may not sum.
                                                                                                                                                                         

                     
                     Unaudited Pro Forma Combined Statement of Operations
                     (in millions)
                     Three Months Ended March 31, 2012   Three Months Ended June 30, 2012    Three Months Ended September 30,    Three Months Ended December 31,     Year Ended December 31, 2012
                                                                                               2012                                 2012
                     Millennial  Jumptap    Combined    Millennial  Jumptap    Combined    Millennial  Jumptap    Combined    Millennial  Jumptap    Combined    Millennial  Jumptap     Combined
                     Media                                Media                                Media                                Media                                Media
                                                                                                                                                                                        
Revenue              $  32.93     $ 14.93     $ 47.86     $  39.41     $ 16.16     $ 55.57     $  47.37     $ 14.66     $ 62.02     $  57.96     $ 17.89     $ 75.85     $ 177.67     $ 63.63      $ 241.30
Intercompany            -           -           -            -           -           -            -           -           -            -           -           -           -            -            -
revenue
Net revenue            32.93    14.93    47.86      39.41    16.16    55.57      47.37    14.66    62.02      57.96    17.89    75.85     177.67    63.63     241.30 
Revenue phasing (%                              20    %                              23    %                              26    %                              31    %                               100    %
of annual)
Cost of revenue         19.92       9.14        29.05        23.76       9.94        33.70        28.01       9.04        37.05        34.06       10.99       45.05       105.74       39.11        144.85
Intercompany cost      -        -        -          -        -        -          -        -        -          -        -        -         -         -         -      
of revenue
Net cost of revenue    19.92    9.14     29.05      23.76    9.94     33.70      28.01    9.04     37.05      34.06    10.99    45.05     105.74    39.11     144.85 
Gross profit            13.01       5.79        18.81        15.65       6.22        21.87        19.36       5.62        24.98        23.90       6.90        30.80       71.93        24.53        96.45
                                                                                                                                                                                                   
Operating expenses:
Sales and marketing     4.65        4.11        8.76         5.99        4.45        10.44        5.92        3.75        9.67         7.26        4.90        12.16       23.82        17.21        41.03
Technology and          2.65        3.24        5.89         2.77        3.33        6.10         4.67        3.16        7.83         3.54        3.22        6.76        13.62        12.95        26.57
development
General and            8.71     1.20     9.91       9.23     1.56     10.79      10.49    1.64     12.13      10.52    2.50     13.03     38.95     6.91      45.86  
administrative
Total operating        16.00    8.55     24.55      17.99    9.34     27.33      21.08    8.56     29.64      21.32    10.63    31.95     76.39     37.07     113.46 
expenses
Loss from               (2.99 )     (2.75 )     (5.74 )      (2.34 )     (3.12 )     (5.46 )      (1.72 )     (2.94 )     (4.66 )      2.59        (3.73 )     (1.14 )     (4.46  )     (12.55 )     (17.01 )
operations
Interest and other
expense
Interest expense        (0.02 )     (0.18 )     (0.20 )      (0.02 )     (0.20 )     (0.21 )      (0.01 )     (0.21 )     (0.23 )      (0.01 )     (0.25 )     (0.26 )     (0.06  )     (0.84  )     (0.90  )
Other                  (0.96 )   0.03     (0.93 )     0.12     0.12     0.25       -        0.03     0.03       -        0.16     0.16      (0.83  )   0.34      (0.49  )
income/(expense)
Total interest and      (0.98 )     (0.15 )     (1.13 )      0.11        (0.08 )     0.03         (0.01 )     (0.18 )     (0.19 )      (0.01 )     (0.10 )     (0.11 )     (0.90  )     (0.50  )     (1.40  )
other expense
Loss before income      (3.97 )     (2.90 )     (6.87 )      (2.23 )     (3.20 )     (5.43 )      (1.73 )     (3.12 )     (4.85 )      2.57        (3.83 )     (1.25 )     (5.36  )     (13.04 )     (18.41 )
taxes
Income tax benefit     (0.00 )   -        (0.00 )     (0.00 )   -        (0.00 )     (0.04 )   -        (0.04 )     (0.02 )   -        (0.02 )    (0.07  )   -         (0.07  )
(expense)
Net loss                (3.97 )     (2.90 )     (6.87 )      (2.24 )     (3.20 )     (5.44 )      (1.77 )     (3.12 )     (4.89 )      2.55        (3.83 )     (1.28 )     (5.43  )     (13.04 )     (18.48 )
Accretion of
dividends on
redeemable             (1.33 )   -        (1.33 )     -        -        -          -        -        -          -        -        -         (1.33  )   -         (1.33  )
convertible
preferred stock
Net loss
attributable to      $  (5.30 )  $ (2.90 )  $ (8.20 )   $  (2.24 )  $ (3.20 )  $ (5.44 )   $  (1.77 )  $ (3.12 )  $ (4.89 )   $  2.55    $ (3.83 )  $ (1.28 )   $ (6.76  )  $ (13.04 )  $ (19.80 )
common stockholders
                                                                                                                                                                                                   
                                                                                                                                                                                                   
AEBITDA
Net Loss             $  (3.97 )   $ (2.90 )   $ (6.87 )   $  (2.24 )   $ (3.20 )   $ (5.44 )   $  (1.77 )   $ (3.12 )   $ (4.89 )   $  2.55      $ (3.83 )   $ (1.28 )   $ (5.43  )   $ (13.04 )   $ (18.48 )
Adjustments:
Interest expense,       0.02        0.18        0.20         0.02        0.20        0.21         0.01        0.21        0.23         0.01        0.25        0.26        0.06         0.84         0.90
net
Income tax              0.00        -           0.00         0.00        -           0.00         0.04        -           0.04         0.02        -           0.02        0.07         -            0.07
(benefit) expense
Depreciation and
amortization            0.44        0.11        0.55         0.52        0.11        0.63         0.63        0.13        0.76         0.77        0.24        1.01        2.37         0.60         2.96
expense
Acquisition-related     -           -           -            -           -           -            -           -           -            -           -           -           -            -            -
costs
Deferred                -           -           -            -           -           -            -           -           -            -           -           -           -            -            -
compensation
Stock-based
compensation            1.08        0.14        1.23         0.96        0.13        1.10         3.23        0.12        3.35         2.20        0.13        2.33        7.47         0.53         8.00
expense
Jumptap warrant and
derivative expense     -        (0.03 )   (0.03 )     -        (0.12 )   (0.12 )     -        (0.03 )   (0.03 )     -        (0.16 )   (0.16 )    -         (0.34  )   (0.34  )
(income)
Total net              1.55     0.40     1.95       1.51     0.32     1.83       3.91     0.43     4.34       3.01     0.46     3.47      9.97      1.62      11.59  
adjustments:
Adjusted EBITDA      $  (2.42 )  $ (2.50 )  $ (4.92 )   $  (0.73 )  $ (2.88 )  $ (3.61 )   $  2.14    $ (2.69 )  $ (0.55 )   $  5.56    $ (3.36 )  $ 2.20     $ 4.54     $ (11.43 )  $ (6.88  )
                                                                                                                                                                                                   
Amounts in the tables above have been rounded and therefore may not sum.
                                                                                                                                                                                                   

Contact:

Millennial Media, Inc.
Investor Relations Contact
Joe Wilkinson, 443-681-6238
IR@millennialmedia.com
or
Press Contact
Christina Feeney, 617-301-4181
cfeeney@millennialmedia.com
 
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