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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, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  _________ to __________
_______________________________________
https://cdn.kscope.io/7e3b45c9d8844915411b0934c98b8c02-DMS-Logo-original.jpg
Digital Media Solutions, Inc.
(Exact name of Registrant as specified in its charter)
_______________________________________
Delaware
001-38393
98-1399727
(State of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
4800 140th Avenue N.Suite 101, ClearwaterFlorida
33762
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (877) 236-8632

(Former Name or Former Address, if Changed Since Last Report)
_______________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Class A common stock, $0.0001 par value per share
DMSL (1)
N/A (1)
____________________
(1)On October 10, 2023, the New York Stock Exchange (the “NYSE”) filed a Form 25 to delist our common stock and remove it from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The delisting was effective 10 days after the Form 25 was filed. The deregistration of the common stock under Section 12(b) of the Exchange Act will be effective 90 days, or such shorter period as the Securities and Exchange Commission may determine, after filing of the Form 25. Our common stock is currently quoted on the Over-The-Counter Pink Market under the symbol “DMSL”.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of November 10, 2023, 2,765,764 shares of the registrant’s Class A common stock; 1,672,139 of the registrant’s Class B common stock, par value $0.0001 per share; and 28,443,522 warrants to purchase shares of the registrant’s Class A common stock, par value $0.0001 per share, were issued and outstanding.
2

Digital Media Solutions, Inc.
Table of Contents
Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


3

Cautionary Note Regarding Forward-Looking Statements

References in this document to the “Registrant,” “DMS Inc.,” “DMS,” the “Company,” “we,” “management,” “us” or “our” refers to Digital Media Solutions, Inc. and its consolidated subsidiaries, except where the context otherwise requires or indicates.

This Quarterly Report, particularly Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) and Part II. Item 1A. Risk Factors, and the documents we incorporate into this Quarterly Report contain certain statements that are, or may be deemed to be, forward-looking statements within the meaning of that term in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are made in reliance upon the protections provided by such acts for forward-looking statements and the Private Securities Litigation Reform Act of 1955. These forward-looking statements are often identified by words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “assume,” “likely,” “predicts,” “potential,” “continue,” and similar expressions. These forward-looking statements include, without limitation, DMS’s expectations with respect to its and ClickDealer’s future performance and its ability to implement its strategy, and are based on the beliefs and expectations of our management team from the information available at the time such statements are made. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside DMS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) DMS’s ability to attain the expected financial benefits from the ClickDealer transaction; (2) any impacts to the ClickDealer business from our acquisition thereof, (3) the COVID-19 pandemic or other public health crises; (4) management of our international expansion as a result of the ClickDealer acquisition; (5) changes in client demand for our services and our ability to adapt to such changes; (6) the entry of new competitors in the market; (7) the ability to maintain and attract consumers and advertisers in the face of changing economic or competitive conditions; (8) the ability to maintain, grow and protect the data DMS obtains from consumers and advertisers, and to ensure compliance with data privacy regulations in newly entered markets; (9) the performance of DMS’s technology infrastructure; (10) the ability to protect DMS’s intellectual property rights; (11) the ability to successfully source, complete and integrate acquisitions; (12) the ability to improve and maintain adequate internal controls over financial and management systems, and remediate material weaknesses therein, including any integration of the ClickDealer business; (13) changes in applicable laws or regulations and the ability to maintain compliance; (14) our substantial levels of indebtedness; (15) volatility in the trading price of our common stock and warrants; (16) fluctuations in value of our private placement warrants; (17) risks arising from the delisting of our common stock from the NYSE; and (18) other risks and uncertainties indicated from time to time in DMS’s filings with the U.S. Securities and Exchange Commission (“SEC”), including those under “Risk Factors” in DMS’s Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on April 5, 2023 (“2022 Form 10-K/A”) and its subsequent filings with the SEC.

There may be additional risks that we consider immaterial or which are unknown, and it is not possible to predict or identify all such risks.

DMS cautions that the foregoing list of factors is not exclusive. DMS cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. DMS does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

4

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

DIGITAL MEDIA SOLUTIONS, INC.
Consolidated Balance Sheets
(in thousands, except per share data)
September 30, 2023December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents$17,246 $48,839 
Accounts receivable, net of allowances of $4,404 and $4,656, respectively
38,708 48,109 
Prepaid and other current assets2,701 3,296 
Income tax receivable2,579 1,966 
Total current assets61,234 102,210 
Property and equipment, net15,929 17,702 
Operating lease right-of-use assets, net1,007 2,187 
Goodwill48,444 77,238 
Intangible assets, net39,956 27,519 
Deferred tax assets968  
Other assets1,434 765 
Total assets$168,972 $227,621 
Liabilities, Preferred Stock and Stockholders' Deficit
Current liabilities:
Accounts payable$36,824 $39,908 
Accrued expenses and other current liabilities9,817 7,101 
Current portion of long-term debt2,750 2,250 
Tax Receivable Agreement liability164 164 
Operating lease liabilities - current2,067 2,175 
Contingent consideration payable - current1,779 1,453 
Total current liabilities53,401 53,051 
Long-term debt274,040 254,573 
Deferred tax liabilities 1,112 
Operating lease liabilities - non-current
733 2,232 
Warrant liabilities718 600 
Contingent consideration payable - non-current1,281  
Total liabilities330,173 311,568 
Preferred stock, $0.0001 par value, 100,000 shares authorized; 80 Series A and 60 Series B convertible redeemable issued and outstanding, respectively at September 30, 2023
16,490  
Stockholders' deficit:
Class A common stock, $0.0001 par value, 500,000 shares authorized; 2,766 issued and outstanding at September 30, 2023
4 4 
Class B convertible common stock, $0.0001 par value, 60,000 shares authorized; 1,672 issued and outstanding at September 30, 2023
3 3 
Class C convertible common stock, $0.0001 par value, 40,000 authorized; none issued and outstanding at September 30, 2023
  
Additional paid-in capital(12,077)(14,054)
Treasury stock, at cost, 10 and 0 shares, respectively
(235)(181)
Cumulative deficit(96,593)(32,896)
Total stockholders' deficit(108,898)(47,124)
Non-controlling interest (68,793)(36,823)
Total deficit(177,691)(83,947)
Total liabilities, preferred stock and stockholders' deficit$168,972 $227,621 

The accompanying condensed notes are an integral part of the unaudited consolidated financial statements.
1

DIGITAL MEDIA SOLUTIONS, INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Net revenue$76,033 $90,066 $248,898 $290,372 
Cost of revenue (exclusive of depreciation and amortization)58,506 66,378 189,892 211,997 
Salaries and related costs10,770 11,668 34,484 38,612 
General and administrative expenses10,087 9,076 35,072 32,622 
Depreciation and amortization4,778 7,142 15,732 21,377 
Impairment of goodwill  33,795  
Impairment of intangible assets  7,791  
Acquisition costs17 14 3,020 306 
Change in fair value of contingent consideration liabilities(208)(3)(285)2,533 
Loss from operations(7,917)(4,209)(70,603)(17,075)
Interest expense, net11,989 4,570 25,732 12,072 
Change in fair value of warrant liabilities(2,484)1,000 (8,549)(2,480)
Change in Tax Receivable Agreement liability (121) (121)
Other (1)
19  11  
Net loss before income taxes(17,441)(9,658)(87,797)(26,546)
Income tax (benefit) expense(334)463 (2,498)819 
Net loss(17,107)(10,121)(85,299)(27,365)
Net loss attributable to non-controlling interest(6,445)(4,010)(33,099)(10,765)
Net loss attributable to Digital Media Solutions, Inc.$(10,662)$(6,111)$(52,200)$(16,600)
Weighted-average Class A common shares outstanding – basic2,763 2,664 2,721 2,510 
Weighted-average Class A common shares outstanding – diluted2,763 4,377 2,721 2,510 
Loss per share attributable to Digital Media Solutions, Inc.:
Basic – per Class A common shares $(3.92)$(2.29)$(23.41)$(6.61)
Diluted – per Class A common shares $(3.92)$(2.31)$(23.41)$(6.61)
____________________
(1)Represents Foreign exchange loss (gain) and Gain on disposal of assets.

The accompanying condensed notes are an integral part of the unaudited consolidated financial statements.
2

DIGITAL MEDIA SOLUTIONS, INC.
Consolidated Statements of Changes in Preferred Stock and Stockholders’ Deficit
(Unaudited)
(in thousands, except share data)

Preferred Stock (1)
Class A
Common Stock
Class B
Common Stock
Additional Paid-in CapitalTreasury StockCumulative DeficitTotal
Stockholders' Deficit
Non-
controlling
Interest
Total Deficit
SharesAmountShares AmountSharesAmount
Balance, June 30, 2023140 $16,334 2,704 $4 1,713 $3 $(9,783)$(211)$(85,775)$(95,762)$(65,250)$(161,012)
Net (loss)— — — — — — — — (10,662)(10,662)(6,445)(17,107)
Shares issued in connection with the Crisp Earnout (Note 5)— — — — — — — — — — — — 
Stock-based compensation— — — — — — 608 — — 608 — 608 
Series A preferred stock dividends (2)
— 89 — — — — — — (89)(89)— (89)
Series B preferred stock dividends (2)
— 67 — — — — — — (67)(67)— (67)
Shares issued under the 2020 Omnibus Incentive Plan— — 26 — — — — — — — — — 
Treasury stock purchased under the 2020 Omnibus Incentive Plan— — (5)— — — — (24)— (24)— (24)
Impact of transactions affecting non-controlling interest (3)
— — 41 — (41)— (2,902)— — (2,902)2,902  
Balance, September 30, 2023140 $16,490 2,766 $4 1,672 $3 $(12,077)$(235)$(96,593)$(108,898)$(68,793)$(177,691)
____________________
(1)See Note 8. Fair Value Measurements and Note 9. Equity.
(2)Represents Series A and Series B preferred stock dividends, which have not been paid.
(3)The carrying amount of non-controlling interest was adjusted to reflect the change in ownership interest caused by shares issued in connection with the shares issued under the 2020 Omnibus Incentive Plan.

The accompanying condensed notes are an integral part of the unaudited consolidated financial statements.



3

DIGITAL MEDIA SOLUTIONS, INC.
Consolidated Statements of Changes in Preferred Stock and Stockholders’ Deficit
(Unaudited)
(in thousands, except share data)

Class A
Common Stock
Class B
Common Stock
Additional Paid-in CapitalTreasury StockCumulative DeficitTotal
Stockholders' Deficit
Non-
controlling
Interest
Shares AmountSharesAmount
Total Deficit
Balance, Balance, June 30, 20222,437 $3 1,713 $3 $(22,313)$— $(11,060)$(33,367)$(28,152)$(61,519)
Net (loss)— — — — — — (6,111)(6,111)(4,010)(10,121)
Shares issued in connection with the Crisp Earnout (Note 8)199 1 — — 9,999 — — 10,000 — 10,000 
Stock-based compensation— — — — 1,579 — — 1,579 — 1,579 
Shares issued under the 2020 Omnibus Incentive Plan33 — — — — — — — — — 
Treasury stock purchased under the 2020 Omnibus Incentive Plan(8)— — — — (156)— (156)— (156)
Impact of transactions affecting non-controlling interest (1)
— — — — (6,804)— — (6,804)6,804  
Balance, September 30, 20222,661 $4 1,713 $3 $(17,539)$(156)$(17,171)$(34,859)$(25,358)$(60,217)
____________________
(1)The carrying amount of non-controlling interest was adjusted to reflect the change in ownership interest caused by shares issued in connection with the Crisp Earnout and shares issued under the 2020 Omnibus Incentive Plan.

The accompanying condensed notes are an integral part of the unaudited consolidated financial statements.

4

DIGITAL MEDIA SOLUTIONS, INC.
Consolidated Statements of Changes in Preferred Stock and Stockholders’ Deficit
(Unaudited)
(in thousands, except share data)

Preferred Stock (1)
Class A
Common Stock
Class B
Common Stock
Additional Paid-in CapitalTreasury StockCumulative DeficitTotal
Stockholders' Deficit
Non-
controlling
Interest
Total Deficit
SharesAmountShares AmountSharesAmount
Balance, December 31, 2022 $ 2,695 $4 1,713 $3 $(14,054)$(181)$(32,896)$(47,124)$(36,823)$(83,947)
Net loss— — — — — — — — (52,200)(52,200)(33,099)(85,299)
Stock-based compensation— — — — — — 3,106 — — 3,106 — 3,106 
Series A convertible redeemable preferred stock80 2,853 — — — — — — — — — — 
Series B convertible redeemable preferred stock60 2,140 — — — — — — — — — — 
Accretion Series A convertible redeemable preferred stock— 6,391 — — — — — — (6,391)(6,391)— (6,391)
Accretion Series B convertible redeemable preferred stock— 4,794 — — — — — — (4,794)(4,794)— (4,794)
Series A preferred stock dividends (2)
— 178 — — — — — — (178)(178)— (178)
Series B preferred stock dividends (2)
— 134 — — — — — — (134)(134)— (134)
Shares issued under the 2020 Omnibus Incentive Plan— — 38 — — — — — — — — — 
Treasury stock purchased under the 2020 Omnibus Incentive Plan— — (8)— — — — (54)— (54)— (54)
Impact of transactions affecting non-controlling interest (3)
— — 41 — (41)— (1,129)— — (1,129)1,129  
Balance, September 30, 2023140 $16,490 2,766 $4 1,672 $3 $(12,077)$(235)$(96,593)$(108,898)$(68,793)$(177,691)
____________________
(1)See Note 8. Fair Value Measurements and Note 9. Equity.
(2)Represents Series A and Series B preferred stock dividends, which have not been paid.
(3)The carrying amount of non-controlling interest was adjusted to reflect the change in ownership interest caused by shares issued in connection with the shares issued under the 2020 Omnibus Incentive Plan.

The accompanying condensed notes are an integral part of the unaudited consolidated financial statements.

5

DIGITAL MEDIA SOLUTIONS, INC.
Consolidated Statements of Changes in Preferred Stock and Stockholders’ Deficit
(Unaudited)
(in thousands, except share data)

Class A
Common Stock
Class B
Common Stock
Additional Paid-in CapitalTreasury StockCumulative DeficitTotal
Stockholders' Deficit
Non-
controlling
Interest
Shares AmountSharesAmount
Total Deficit
Balance, December 31, 20212,415 $3 1,713 $3 $(25,239)$— $(944)$(26,177)$(21,641)$(47,818)
Net loss— — — — — — (16,600)(16,600)(10,765)(27,365)
SmarterChaos DMSH units redeemed and issued to Class A Common Stock (1)
10 — — — — — — — — — 
Shares issued in connection with the Crisp Earnout (Note 8)199 1 — — 9,999 — — 10,000 — 10,000 
Stock-based compensation— — — — 5,695 — — 5,695 — 5,695 
Shares issued under the 2020 Omnibus Incentive Plan45 — — — — — — — — — 
Distributions to non-controlling interest holders (2)
— — — — — — — — (573)(573)
Treasury stock purchased under the 2020 Omnibus Incentive Plan(8)— — — — (156)— (156)— (156)
Impact of transactions affecting non-controlling interest (3)
— — — — (7,621)— — (7,621)7,621  
Balance, September 30, 20222,661 $4 1,713 $3 $(17,166)$(156)$(17,544)$(34,859)$(25,358)$(60,217)
____________________
(1)On January 17, 2022, the Sellers of SmarterChaos redeemed their remaining non-controlling interest held through DMSH Units in exchange for 10 thousand shares of Class A Common Stock in DMS, Inc. The non-controlling interest held by the Sellers of SmarterChaos did not include related Class B Common Stock to be retired upon redemption.
(2)Represents tax distributions to shareholders Prism, Clairvest and the Sellers of SmarterChaos. As of September 30, 2022, $10 thousand of these distributions had not been paid.
(3)The carrying amount of non-controlling interest was adjusted primarily to reflect the change in ownership interest caused by additional DMSH units redeemed and issued to Class A Common Stock by the Sellers of SmarterChaos, shares issued in connection with the Crisp Earnout and shares issued under the 2020 Omnibus Incentive Plan.

The accompanying condensed notes are an integral part of the unaudited consolidated financial statements.
6

DIGITAL MEDIA SOLUTIONS, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended September 30,
20232022
Cash flows from operating activities
Net loss$(85,299)$(27,365)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Allowance for credit losses, net1,716 1,305 
Depreciation and amortization15,732 21,377 
Amortization of right-of-use assets522  
Gain on disposal of assets(3) 
Impairment of goodwill33,795  
Impairment of intangible assets7,791  
Lease restructuring charges (167)
Stock-based compensation, net of amounts capitalized2,620 5,332 
Interest expense paid-in-kind
11,417  
Amortization of debt issuance costs2,420 1,149 
Deferred income tax benefit, net(2,080)(1,160)
Change in fair value of contingent consideration(285)2,533 
Change in fair value of warrant liabilities(8,549)(2,480)
Loss from preferred warrants issuance553  
Change in Tax Receivable Agreement liability (120)
Change in income tax receivable and payable(613)1,297 
Change in accounts receivable14,644 4,824 
Change in prepaid expenses and other current assets(36)1,120 
Change in operating right-of-use assets670  
Change in accounts payable and accrued expenses(6,197)(5,341)
Change in operating lease liabilities(1,658) 
Change in other liabilities (195)
Net cash (used in) provided by operating activities(12,840)2,109 
Cash flows from investing activities
Additions to property and equipment(4,500)(5,247)
Acquisition of business, net of cash acquired(33,565)(2,579)
Net cash used in investing activities(38,065)(7,826)
Cash flows from financing activities
Proceeds from borrowings on revolving credit facilities10,000  
Payments of long-term debt and notes payable(1,688)(1,687)
Payments of borrowings on revolving credit facilities(125) 
Payment of debt issuance costs(1,928) 
Proceeds from preferred shares and warrants issuance, net13,107  
Purchase of treasury stock related to stock-based compensation(54)(156)
Distributions to non-controlling interest holders (563)
Net cash provided by (used in) financing activities19,312 (2,406)
Net change in cash and cash equivalents(31,593)(8,123)
Cash and cash equivalents, beginning of period48,839 26,394 
Cash and cash equivalents, end of period$17,246 $18,271 
7

Nine Months Ended September 30,
20232022
Supplemental Disclosure of Cash Flow Information
Cash Paid During the Period For
Interest$13,074 $10,651 
Income taxes195 662 
Non-Cash Transactions:
Contingent and deferred acquisition consideration$2,392 $2,971 
Stock-based compensation capitalized in property and equipment486 363 
Capital expenditures included in accounts payable192 236 
Issuance of equity for Crisp Results
 10,000 
Debt amendment fees paid-in-kind - long-term debt
4,410  
Debt amendment fees paid-in-kind - revolving credit facilities
1,000  
Interest paid-in-kind - long-term debt
9,307  
Interest paid-in-kind - revolving credit facilities
2,110  

The accompanying condensed notes are an integral part of the unaudited consolidated financial statements.
8

DIGITAL MEDIA SOLUTIONS, INC.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
Note 1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business
Digital Media Solutions, Inc. (“DMS Inc.”) is a digital performance marketing company offering a diversified lead and software delivery platform that drives high value and high intent leads to its customers. As used in this Quarterly Report, the “Company” refers to DMS Inc. and its consolidated subsidiaries, (including its wholly-owned subsidiary, CEP V DMS US Blocker Company, a Delaware corporation (“Blocker”)). The Company is headquartered in Clearwater, Florida. The Company generates revenue in North America and internationally, with the majority of the revenue in the United States.

Basis of Presentation
These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments consisting of normal and recurring entries considered necessary for a fair presentation of the results for the interim periods presented have been included. All significant intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. These estimates are based on information available as of the date of the unaudited consolidated financial statements; therefore, actual results could differ from those estimates. Interim results are not necessarily indicative of the results for a full year.

Business Combination
On July 15, 2020, Digital Media Solutions Holding (“DMSH”) consummated the Business Combination with Leo Holdings Corp. (“Leo”) pursuant to the Business Combination Agreement (“Business Combination”). Pursuant to the Business Combination, DMS Inc. acquired, directly and through its acquisition of the equity of Blocker, approximately 62.3% of the membership interest in DMSH, while Prism Data, LLC, a Delaware limited liability company (“Prism”), CEP V-A DMS AIV Limited Partnership, a Delaware limited partnership (“Clairvest Direct Seller”) and related entities (the “Sellers”) retained approximately 37.7% of the membership interest in DMSH (“non-controlling interests”). For additional information, see Note 2. Business Combination in the Notes to Consolidated Financial Statements in our 2022 Form 10-K/A.

Non-controlling Interest
The non-controlling interest represents the membership interest in DMSH held by holders other than the Company. As of September 30, 2023, the Prism, Clairvest Direct Sellers and SmarterChaos combined ownership percentage in DMSH was 37.7% and as of December 31, 2022 it was 39.1%.
Principles of Consolidation
The Company consists of DMS Inc. and its wholly-owned subsidiary, Blocker. The Company consolidates the assets, liabilities and operating results of DMSH and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The results of operations attributable to the non-controlling interests are included in the Company’s consolidated statements of operations, and the non-controlling interests are reported as a separate component of equity.

Reverse Stock Split
On August 28, 2023, the Company effected a reverse stock split (the “Reverse Stock Split”) of the Company’s Class A Common Stock and Class B Common Stock at a ratio of 1-for-15. All historical share amounts disclosed in this quarterly report on Form 10-Q have been retroactively restated to reflect the Reverse Stock Split. No fractional shares were issued as a result of the Reverse Stock Split, as fractional shares of Common Stock were rounded up to the nearest whole share. See Note 9. Equity for additional information.

Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported as separate financial statement line items in the consolidated financial statements. Actual results could differ from those estimates. Management regularly makes estimates and assumptions that are inherent in the preparation of the consolidated financial statements including, but not limited to, the fair value of preferred warrants, private placement warrants, the allowance for credit losses, stock-based compensation, fair value of intangibles acquired in business combinations, loss contingencies, contingent consideration liabilities, asset impairments, and deferred taxes and amounts associated with the Tax Receivable Agreement.

9

Significant Accounting Policies
There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in Note 1. Business, Basis of Presentation and Summary of Significant Accounting Policies in our 2022 Form 10-K/A, except those related to the accounting and valuation of preferred stock and warrants. See Note 8. Fair Value Measurements and Note 9. Equity.

New Accounting Standards

Accounting Standards Recently Adopted
In June 2016, the FASB issued authoritative guidance Accounting Standards Codification (“ASC”) 326 Financial Instruments - Credit Losses, regarding the impairment model known as the current expected credit loss (“CECL”) model on accounting for credit losses on financial instruments, including trade receivables, and has since issued subsequent updates to the initial guidance. The amended guidance requires the application of a CECL model, which measures credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts. The guidance requires adoption using a modified retrospective approach and is effective for emerging growth companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2023.

Accounting Standards Not Yet Adopted
The Company qualifies as an “emerging growth company” and has elected to adhere to the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies.

As of September 30, 2023, there were no new accounting standards that would need to be disclosed.

Note 2. Revenue

Disaggregation of Revenue
The following tables present the disaggregation of revenue by reportable segment and type of service (in thousands):

Three Months Ended September 30, 2023
Brand
Direct
MarketplaceTechnology Solutions
Intercompany Eliminations
Total
Net revenue:
Customer acquisition$43,446 $35,081 $ $(5,111)$73,416 
Managed services594  511  1,105 
Software services  1,512  1,512 
Total Net revenue$44,040 $35,081 $2,023 $(5,111)$76,033 

Three Months Ended September 30, 2022
Brand
Direct
MarketplaceTechnology Solutions
Intercompany Eliminations
Total
Net revenue:
Customer acquisition$41,381 $53,230 $ $(8,059)$86,552 
Managed services937  1,076  2,013 
Software services  1,501  1,501 
Total Net revenue$42,318 $53,230 $2,577 $(8,059)$90,066 

10

Nine Months Ended September 30, 2023
Brand
Direct
MarketplaceTechnology Solutions
Intercompany Eliminations
Total
Net revenue:
Customer acquisition$147,892 $104,846 $ $(13,670)$239,068 
Managed services3,246  2,021  5,267 
Software services  4,563  4,563 
Total Net revenue$151,138 $104,846 $6,584 $(13,670)$248,898 


Nine Months Ended September 30, 2022
Brand
Direct
MarketplaceTechnology Solutions
Intercompany Eliminations
Total
Net revenue:
Customer acquisition$144,123 $166,128 $ $(31,551)$278,700 
Managed services4,211  3,989  8,200 
Software services  3,472  3,472 
Total Net revenue$148,334 $166,128 $7,461 $(31,551)$290,372 

The Company generated revenue outside the United States through its 2023 ClickDealer acquisition. The following table represents these revenues by region (in thousands):

Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Europe$5,980 $11,049 
Other International
3,108 6,649 

Accounts Receivable, net
Accounts receivable are recorded at the invoiced amount and do not bear interest. The Allowance for credit losses is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on historical write-off experience, delinquency trends and current credit conditions. The Company reviews its Allowance for credit losses monthly. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers.

The activity in the Allowance for credit losses is as follows (in thousands):

Balance, December 31, 2022$4,656 
Additions charged to expense1,949 
Deductions/write-offs(1,968)
ASU 2016-13 (Topic 326) adjustment(233)
Balance, September 30, 2023$4,404 

Contract Balances
The Company’s contract liabilities result from payments received from clients in advance of revenue recognition as they precede the Company’s satisfaction of the associated performance obligation. If a customer pays consideration before the Company’s performance obligations are satisfied, such amounts are classified as deferred revenue and recorded within Accrued expenses and other current liabilities on the consolidated balance sheets. As of September 30, 2023 and December 31, 2022, the balance of deferred revenue was $0.8 million and $