Fluent, Inc. (NASDAQ:FLNT) Q1 2022 Earnings Conference Call May 9, 2022 4:30 PM ET Company Participants Dan Barsky - Chief Legal and Compliance Officer Don Patrick – Chief Executive Officer Sugandha Khandelwal – Chief Financial Officer Ryan Schulke - Co-Founder and Chief Strategy Officer Conference Call Participants Michael Graham - Canaccord Genuity James Goss - Barrington Research Associates Operator Good afternoon. Thank you for attending the Fluent, Inc. Q1 2022 Earnings Call. My name is Matt and I will ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37893 | --- | --- | |-----------------------------------------------------------------------------|----------- ...

Financial Data and Key Metrics - Full-year 2021 revenue was $329.3 million, representing a 6% growth compared to 2020 [7] - Media margin for 2021 was $100.4 million, a decline of 9% year-over-year, representing 31% of revenue [7] - Adjusted EBITDA for 2021 was $23.2 million, a decline of 44% year-over-year, representing 7% of revenue [7] - Q4 2021 revenue hit a quarterly record of $99.8 million, up 22% year-over-year [8] - Q4 2021 media margin was $31.2 million, down 3% year-over-year, representing 31% of revenue [8] - Q4 2021 adjusted EBITDA was $10.2 million, or 10% of revenue [8] Business Line Data and Key Metrics - Fluent Sales Solutions grew to represent roughly 10% of 2021 annual revenue, with Q4 revenue growing six times year-over-year [16] - CRM revenue increased 50% year-over-year in 2021, driven by enhanced capabilities and strong client demand [18] - Mobile apps business is in early stages but represents a significant growth opportunity, with the total available market roughly two times the size of mobile web [15] - Jobs business, AdParlor agency, and international business achieved 50% year-over-year revenue growth in 2021, with Q4 growth accelerating to over 75% year-over-year [14] Market Data and Key Metrics - The mobile app market is estimated at $80 billion, with $30 billion available outside of Google and Facebook, representing a significant opportunity for Fluent [39] - The company is expanding into higher-value verticals such as insurance, financial services, and home services, which are expected to contribute to future growth [45] Company Strategy and Industry Competition - Fluent is focused on building higher-quality digital experiences for consumers and creating sustainable customer acquisition solutions for marketers [6] - The company is investing in traffic quality initiatives (TQI) to enhance consumer engagement and improve ROI for clients [10] - Fluent is differentiating itself by starting with consumer quality and then matching brands to drive meaningful experiences and ROI, rather than focusing solely on volume [46] Management Commentary on Operating Environment and Future Outlook - Management is confident in the company's strategic path and expects to enhance margins as businesses scale over time [9] - The company anticipates revenue growth returning to or above industry growth rates in 2022, with sequential margin improvement [21] - The ongoing crisis in Ukraine has impacted the media business, with constraints expected to affect media margin growth in Q1 2022 [26] Other Important Information - Fluent's new credit facility reduced the effective interest rate by 500 basis points, resulting in a $3.2 million year-over-year reduction in interest expense [30] - The company ended 2021 with $34.5 million in cash and cash equivalents, an increase of $13.4 million year-over-year [31] Q&A Session Summary Question: Sustainability of Q4 growth and feedback from advertising clients [33] - Management highlighted that demand from advertisers has increased, driven by higher-quality traffic and enhanced CRM capabilities, which are expected to sustain growth [34][35][36] Question: Media margin growth and levers for improvement [37] - The company is focused on revenue growth at or above industry standards and managing media margin within a disciplined range, with investments in higher-margin initiatives [38] Question: Mobile app growth initiatives and milestones [39] - Fluent has launched its mobile app rewards product on Android and expects significant growth opportunities in the mobile app market, with contributions to revenue expected later in 2022 [39] Question: Impact of higher customer acquisition costs and profitability [42] - The company is not redoing its financial statements but is expanding its ability to monetize consumers, with a focus on driving revenue growth and maintaining margins [44] Question: Progress on the business model adjustment [47] - Fluent has returned to traditional growth rates, with Q4 2021 revenue growth of 22%, ahead of expectations, though traffic quality initiatives have taken longer than anticipated [48][49]

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0005 par value per share FLNT The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-K __________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSIT ...

Fluent, Inc. (NASDAQ:FLNT) Q3 2021 Earnings Conference Call November 4, 2021 4:30 PM ET Company Participants Ryan McCarthy - Corporate Counsel Don Patrick - Interim-CEO Alex Mandel - CFO Conference Call Participants Maria Ripps - Canaccord William Dezellem - Tieton Operator Hello, and welcome to the Fluent, Inc. Q3 2021 Earnings Call. My name is Robyn, and I'll be coordinating your call today. [Operator Instructions] I will now hand you over to your host, Ryan McCarthy from Fluent. Ryan, please go ahead. Ry ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |--------------------------------------------------------------------|------------------------------------------- ...

Fluent, Inc. (NASDAQ:FLNT) Q2 2021 Earnings Conference Call August 9, 2021 4:30 PM ET Company Participants Ryan McCarthy - Corporate Counsel Don Patrick - Interim Chief Executive Officer Alex Mandel - Chief Financial Officer Conference Call Participants Michael Graham - Canaccord Genuity Inc. James Goss - Barrington Research Associates, Inc. Operator Hello and welcome to the Fluent, Inc. Second Quarter 2021 Earnings Results Call. My name is Laura, and I will be coordinating your call today. [Operator Instru ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |--------------------------------------------|-------------------------------------------------------------------------- ...

Fluent, Inc. (Nasdaq: FLNT) Barrington Research 15th Annual Virtual Spring Investment Conference May 27, 2021 Forward-Looking Statements Safe Harbor This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 19 95, as amended. These forward-looking statements speak only as of the date hereof and are based on the Company's current plans and expectations. While we believe these expectations, assumptions, estimates and projections are reasonabl ...

Fluent, Inc. (Nasdaq: FLNT) 16th Annual Needham Virtual Technology & Media Conference May 19, 2021 Forward-Looking Statements Safe Harbor This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements speak only as of the date hereof and are based on the Company's current plans and expectations. While we believe these expectations, assumptions, estimates and projections are reasonable, such forw ...