[May 06, 2015] |
|
Marchex Announces First Quarter 2015 Results
Marchex,
Inc. (NASDAQ:MCHX), a mobile advertising analytics company, today
announced its financial results for the first quarter ended March 31,
2015.
"Massive mobile adoption is driving increased offline sales, including
phone calls from consumers to businesses. This is creating an increasing
gap for enterprise marketers whose top priority is understanding mobile
return on ad spend," said Pete Christothoulou, Chief Executive Officer.
"The need for technology solutions to bridge this gap validates our
investment in establishing Marchex as the world's leading mobile
advertising analytics company."
Q1 2015 Financial Highlights
-
GAAP revenue was $42.6 million for the first quarter of 2015, compared
to $50.5 million for the first quarter of 2014.
-
GAAP net income from continuing operations was $4.6 million for the
first quarter of 2015, compared to GAAP net income from continuing
operations of $846,000 for the first quarter of 2014.
-
GAAP net income from continuing operations attributable to common
stockholders per diluted share was $0.11 for the first quarter of
2015. This compares to GAAP net income from continuing operations
attributable to common stockholders per diluted share of $0.02 for the
first quarter of 2014.
|
|
|
Q1 2015
|
|
Q1 2014
|
GAAP Revenue
|
|
$42.6 million
|
|
$50.5 million
|
Call-Driven and related revenue
|
|
$35.0 million
|
|
$45.5 million
|
Non-GAAP Results:
|
|
|
|
|
Call-Driven Adjusted OIBA1
|
|
$2.6 million
|
|
$2.4 million
|
Call-Driven Adjusted EBITDA1
|
|
$3.5 million
|
|
$3.3 million
|
Adjusted OIBA1
|
|
$7.6 million
|
|
$4.7 million
|
Adjusted EBITDA1
|
|
$8.5 million
|
|
$5.7 million
|
|
|
|
|
|
Archeo Revenue2
|
|
$7.5 million
|
|
$5.0 million
|
Domain sales
|
|
$6.4 million
|
|
$1.9 million
|
|
-
Adjusted non-GAAP EPS1 from continuing operations for the
first quarter of 2015 was $0.12, compared to $0.08 for the first
quarter of 2014.
_________________________
1 Reconciliations of non-GAAP measures are included
in the financial tables attached to this press release and we encourage
investors to examine the reconciling adjustments between the GAAP and
non-GAAP measures.
2 Includes domain sales recognized in GAAP revenue.
Marchex Q1 2015 and Recent Call-Driven Business
Highlights:
-
Revenue. Call-Driven and related revenue was $35.0 million for
the first quarter of 2015 compared to $45.5 million for the first
quarter of 2014.
Non-Operating Q1 2015 Highlights:
-
Business Update. On April 22, 2015, the Company announced
the sale of the bulk of its domain portfolio for aggregate proceeds of
$34.8 million, which includes a sale to GoDaddy Inc. for $28.1 million
paid in cash at closing plus additional earn-out payments subject to
certain sales targets, as well as $6.7 million in direct domain sales
by Marchex since January 2015.
-
Dividend Update. Following the previously announced payment of
the May 18, 2015 dividend, and with the April sale of the domain
assets, the Company is prospectively discontinuing the dividend and
intends to use any future cash generated to support strategic
flexibility.
-
During the first quarter, Marchex purchased 225,000 shares of its
outstanding Class B common stock for a total price of $931,000. This
brings Marchex's total shares repurchased under its November 2014
share repurchase program to 893,000 shares or 2% of its outstanding
Class B common stock.
Business Outlook
The following forward-looking statements reflect Marchex's expectations
as of May 6, 2015, and exclude any contribution from Archeo operations,
including domain sales, and discontinued operations. Archeo operating
results would be additive to our Call-Driven revenue, profitability, and
other measures below:
|
Call-Driven financial guidance for the
Second Quarter ending June 30, 2015
|
|
Call-Driven Revenue
|
|
$34.0 million or more
|
Call-Driven Adjusted OIBA 1
|
|
$1.0 million or more
|
Call-Driven Adjusted EBITDA 1
|
|
$2.0 million or more
|
|
1 These non-GAAP Call-Driven measures assign all
Marchex corporate overhead costs to the Call-Driven results.
Reconciliations of non-GAAP measures are included in the financial
tables attached to this press release and we encourage investors to
examine the reconciling adjustments between the GAAP and non-GAAP
measures.
Conference Call and Webcast Information
Management will hold a conference call, starting at 5:00 p.m. ET on
Wednesday, May 6, 2015, to discuss its first quarter ended March 31,
2015, financial results, and other company updates. Access to the live
webcast of the conference call will be available online from the
Investors section of Marchex's website at www.marchex.com.
An archived version of the webcast will also be available at the same
location, beginning two hours after completion of the call.
About Marchex
Marchex
is a mobile advertising analytics company that connects online behavior
to real-world, offline actions. By linking critical touchpoints in the
customer journey, Marchex's products enable a 360-degree view of
marketing effectiveness. Brands and agencies utilize Marchex's products
to transform business performance.
Please visit www.marchex.com,
blog.marchex.com
or @marchex
on Twitter (Twitter.com/Marchex), where Marchex discloses material
information from time to time about the Company, its financial
information, and its business.
Forward-Looking Statements:
This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, included in this press release regarding
our strategy, future operations, future financial position, future
revenues, other financial guidance, acquisitions, dispositions,
projected costs, prospects, plans and objectives of management are
forward-looking statements. We may not actually achieve the plans,
intentions, or expectations disclosed in our forward-looking statements
and you should not place undue reliance on our forward-looking
statements. Actual results or events could differ materially from the
plans, intentions and expectations disclosed in the forward-looking
statements we make. There are a number of important factors that could
cause Marchex's actual results to differ materially from those indicated
by such forward-looking statements which are described in the "Risk
Factors" section of our most recent periodic report and registration
statement filed with the SEC. All of the information provided in this
release is as of May 6, 2015 and Marchex undertakes no duty to update
the information provided herein.
Non-GAAP Financial Information:
To supplement Marchex's consolidated financial statements presented in
accordance with GAAP and to provide clarity internally and externally,
Marchex uses certain non-GAAP measures of financial performance and
liquidity, including OIBA, Adjusted OIBA, Adjusted EBITDA, Adjusted
non-GAAP EPS and Call-Driven and Archeo Adjusted OIBA and EBITDA. In
conjunction with the sale of the bulk of Marchex's domain portfolio and
certain related assets in April 2015 ("Divested Assets"), Marchex has
also presented Revenue from Divested Assets, Adjusted OIBA and EBITDA
from Divested Assets and Archeo Revenue, Adjusted OIBA and EBITDA
excluding Divested Assets.
OIBA represents income (loss) from
operations plus (1) stock-based compensation expense and (2)
amortization of intangible assets from acquisitions. This measure, among
other things, is one of the primary metrics by which Marchex evaluates
the performance of its business. Additionally, Marchex's management uses Adjusted
OIBA, which excludes acquisition and disposition related
costs, as this item is not indicative of Marchex's recurring core
operating results. Adjusted OIBA is the basis on which Marchex's
internal budgets are based and by which Marchex's management is
currently evaluated. Marchex believes these measures are useful to
investors because they represent Marchex's consolidated operating
results, taking into account depreciation and other intangible
amortization, which Marchex believes is an ongoing cost of doing
business, but excluding the effects of certain other expenses such as
stock-based compensation, amortization of intangible assets from
acquisitions and acquisition and disposition related costs. Adjusted
EBITDA represents income before interest, income taxes,
depreciation, amortization, stock compensation expense, and acquisition
and disposition related cost. Marchex believes that Adjusted EBITDA is
another alternative measure of liquidity to GAAP net cash provided by
operating activities that provides meaningful supplemental information
regarding liquidity and is used by Marchex's management to measure its
ability to fund operations and its financing obligations.
Call-Driven Adjusted OIBA and EBITDA
include the above descriptions of Adjusted OIBA and EBITDA for the
Call-Driven segment. The Call-Driven Adjusted OIBA and EBITDA assign
all Marchex general corporate overhead costs to the Call-Driven results.
Archeo Adjusted OIBA and EBITDA include
the above descriptions of Adjusted OIBA and EBITDA for the Archeo
segment. Financial analysts and investors may use Adjusted OIBA and
EBITDA to help with comparative financial evaluation to make informed
investment decisions. Revenue from Divested
Assets and Adjusted OIBA and EBITDA
from Divested Assets include preliminary estimates of revenue
and adjusted OIBA and EBITDA contributed by the Divested Assets. Archeo
Revenue, Adjusted OIBA and EBITDA excluding Divested Assets
exclude preliminary estimates of revenue and adjusted OIBA and EBITDA
contributed by the Divested Assets. Adjusted
non-GAAP EPS represents Adjusted non-GAAP net income
applicable to common stockholders divided by GAAP diluted shares
outstanding. Adjusted non-GAAP net income applicable to common
stockholders generally captures those items on the statement of
operations that have been, or ultimately will be, settled in cash
exclusive of certain items that are not indicative of Marchex's
recurring core operating results and represents net income applicable to
common stockholders plus the net of tax effects of: (1) stock-based
compensation expense, (2) amortization of intangible assets from
acquisitions, (3) acquisition and disposition related costs, (4)
interest and other income (expense), (5) discontinued operations, net of
tax and (6) dividends paid to participating securities. Financial
analysts and investors may use Adjusted non-GAAP EPS to analyze
Marchex's financial performance since these groups have historically
used EPS related measures, along with other measures, to estimate the
value of a company, to make informed investment decisions, and to
evaluate a company's operating performance compared to that of other
companies in its industry.
Marchex's management believes that investors should have access to, and
Marchex is obligated to provide, the same set of tools that management
uses in analyzing the company's results. These non-GAAP measures should
be considered in addition to results prepared in accordance with GAAP,
and should not be considered in isolation, as a substitute for, or
superior to, GAAP results. Marchex's non-GAAP financial measures may be
defined differently from time to time and may be defined differently
than similar titled terms used by other companies, and accordingly, care
should be exercised in understanding how Marchex defines its non-GAAP
financial measures in this release. Marchex endeavors to compensate for
the limitations of the non-GAAP measures presented by providing the
comparable GAAP measure with equal or greater prominence, GAAP financial
statements, and detailed descriptions of the reconciling items and
adjustments, including quantifying such items, to derive the non-GAAP
measure.
|
MARCHEX, INC. AND SUBSIDIARIES Condensed Consolidated
Statements of Operations (in thousands, except per share
data) (unaudited)
|
|
|
|
Three Months Ended March 31,
|
|
|
2014
|
|
2015
|
Revenue
|
|
$
|
50,496
|
|
|
$
|
42,575
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Service costs (1)
|
|
|
32,354
|
|
|
|
20,688
|
|
Sales and marketing (1)
|
|
|
3,382
|
|
|
|
3,657
|
|
Product development (1)
|
|
|
7,560
|
|
|
|
7,693
|
|
General and administrative (1)
|
|
|
5,361
|
|
|
|
5,699
|
|
Amortization of intangible assets from acquisitions
|
|
|
403
|
|
|
|
-
|
|
Disposition related costs
|
|
|
-
|
|
|
|
225
|
|
Total operating expenses
|
|
|
49,060
|
|
|
|
37,962
|
|
Income from operations
|
|
|
1,436
|
|
|
|
4,613
|
|
Interest expense and other, net
|
|
|
(2
|
)
|
|
|
(25
|
)
|
Income from continuing operations before provision for income taxes
|
|
|
1,434
|
|
|
|
4,588
|
|
Income tax expense
|
|
|
588
|
|
|
|
5
|
|
Net income from continuing operations
|
|
|
846
|
|
|
|
4,583
|
|
Discontinued operations, net of tax
|
|
|
9
|
|
|
|
-
|
|
Net income
|
|
|
855
|
|
|
|
4,583
|
|
Dividends paid to participating securities
|
|
|
(36
|
)
|
|
|
(19
|
)
|
Net income applicable to common stockholders
|
|
$
|
819
|
|
|
$
|
4,564
|
|
|
|
|
|
|
Basic and diluted net income per Class A and Class B share
applicable to common stockholders
|
|
$
|
0.02
|
|
|
$
|
0.11
|
|
Dividends paid per share
|
|
$
|
0.02
|
|
|
$
|
0.02
|
|
Shares used to calculate basic net income per share applicable to
common stockholders
|
|
|
|
|
Class A
|
|
|
7,741
|
|
|
|
5,233
|
|
Class B
|
|
|
29,035
|
|
|
|
35,766
|
|
Shares used to calculate diluted net income per share applicable to
common stockholders
|
|
|
|
|
Class A
|
|
|
7,741
|
|
|
|
5,233
|
|
Class B
|
|
|
39,761
|
|
|
|
41,310
|
|
|
|
|
|
|
(1) Includes stock-based compensation allocated as follows:
|
|
|
|
|
Service costs
|
|
$
|
282
|
|
|
$
|
223
|
|
Sales and marketing
|
|
|
204
|
|
|
|
246
|
|
Product development
|
|
|
659
|
|
|
|
579
|
|
General and administrative
|
|
|
1,738
|
|
|
|
1,746
|
|
Total
|
|
$
|
2,883
|
|
|
$
|
2,794
|
|
|
|
MARCHEX, INC. AND SUBSIDIARIES Condensed Consolidated
Balance Sheets (in thousands) (unaudited)
|
|
|
|
December 31, 2014
|
|
March 31, 2015
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
80,032
|
|
|
$
|
83,658
|
|
Accounts receivable, net
|
|
|
25,941
|
|
|
|
27,943
|
|
Prepaid expenses and other current assets
|
|
|
3,143
|
|
|
|
3,153
|
|
Refundable taxes
|
|
|
131
|
|
|
|
133
|
|
Total current assets
|
|
|
109,247
|
|
|
|
114,887
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
5,430
|
|
|
|
5,505
|
|
Intangibles and other assets, net
|
|
|
313
|
|
|
|
367
|
|
Goodwill
|
|
|
65,679
|
|
|
|
65,679
|
|
Total Assets
|
|
$
|
180,669
|
|
|
$
|
186,438
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
13,766
|
|
|
$
|
13,839
|
|
Accrued expenses and other current liabilities
|
|
|
7,515
|
|
|
|
8,297
|
|
Deferred revenue
|
|
|
2,117
|
|
|
|
1,454
|
|
Total current liabilities
|
|
|
23,398
|
|
|
|
23,590
|
|
|
|
|
|
|
Other non-current liabilities
|
|
|
1,118
|
|
|
|
1,016
|
|
Total Liabilities
|
|
|
24,516
|
|
|
|
24,606
|
|
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
55
|
|
|
|
55
|
|
Class B common stock
|
|
|
373
|
|
|
|
370
|
|
Treasury stock
|
|
|
(2,503
|
)
|
|
|
(3,430
|
)
|
Additional paid-in capital
|
|
|
348,467
|
|
|
|
350,493
|
|
Accumulated deficit
|
|
|
(190,239
|
)
|
|
|
(185,656
|
)
|
Total Stockholders' Equity
|
|
|
156,153
|
|
|
|
161,832
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
180,669
|
|
|
$
|
186,438
|
|
|
|
MARCHEX, INC. AND SUBSIDIARIES Reconciliation of GAAP
Income from Operations to Operating Income Before Amortization (OIBA) and
Adjusted Operating Income Before Amortization (Adjusted OIBA) (in
thousands) (unaudited)
|
|
|
|
Three Months Ended March 31,
|
|
|
2014
|
|
2015
|
Income from operations
|
|
$
|
1,436
|
|
$
|
4,613
|
Stock-based compensation
|
|
|
2,883
|
|
|
2,794
|
Amortization of intangible assets from acquisitions
|
|
|
403
|
|
|
-
|
Operating income before amortization (OIBA)
|
|
|
4,722
|
|
|
7,407
|
Disposition related costs
|
|
|
-
|
|
|
225
|
Adjusted operating income before amortization (Adjusted OIBA)
|
|
$
|
4,722
|
|
$
|
7,632
|
|
|
MARCHEX, INC. AND SUBSIDIARIES Reconciliation from
Net Cash provided by Operating Activities to Adjusted EBITDA (in
thousands) (unaudited)
|
|
|
|
Three Months Ended March 31,
|
|
|
2014
|
|
2015
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
8,078
|
|
|
$
|
6,200
|
|
Changes in assets and liabilities
|
|
|
(2,984
|
)
|
|
|
2,054
|
|
Income tax expense
|
|
|
588
|
|
|
|
5
|
|
Disposition related costs
|
|
|
-
|
|
|
|
225
|
|
Interest expense and other, net
|
|
|
2
|
|
|
|
24
|
|
Loss on discontinued operations, net of tax
|
|
|
(9
|
)
|
|
|
-
|
|
Adjusted EBITDA
|
|
$
|
5,675
|
|
|
$
|
8,508
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
$
|
(807
|
)
|
|
$
|
(877
|
)
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
$
|
343
|
|
|
$
|
(1,697
|
)
|
|
|
MARCHEX, INC. AND SUBSIDIARIES Reconciliation of GAAP
EPS to Adjusted Non-GAAP EPS (in thousands, except per
share data) (unaudited)
|
|
|
|
Three Months Ended March 31,
|
|
|
2014
|
|
2015
|
Adjusted Non-GAAP EPS from continuing operations
|
|
$
|
0.08
|
|
|
$
|
0.12
|
|
|
|
|
|
|
Net income applicable to common stockholders - diluted (GAAP EPS)
|
|
$
|
0.02
|
|
|
$
|
0.11
|
|
Shares used to calculate diluted net income per share applicable to
common stockholders
|
|
|
39,761
|
|
|
|
41,310
|
|
|
|
|
|
|
Net income applicable to common stockholders
|
|
$
|
819
|
|
|
$
|
4,564
|
|
Stock-based compensation
|
|
|
2,883
|
|
|
|
2,794
|
|
Disposition related costs
|
|
|
-
|
|
|
|
225
|
|
Amortization of intangible assets from acquisitions
|
|
|
403
|
|
|
|
-
|
|
Interest expense and other, net
|
|
|
2
|
|
|
|
25
|
|
Dividends paid to participating securities
|
|
|
36
|
|
|
|
19
|
|
Discontinued operations, net of tax
|
|
|
(9
|
)
|
|
|
-
|
|
Estimated impact of income taxes
|
|
|
(1,068
|
)
|
|
|
(2,680
|
)
|
Adjusted Non-GAAP net income from continuing operations
|
|
$
|
3,066
|
|
|
$
|
4,947
|
|
|
|
|
|
|
Adjusted Non-GAAP EPS from continuing operations
|
|
$
|
0.08
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares used to calculate Adjusted Non-GAAP EPS (1)
|
|
|
39,761
|
|
|
|
41,310
|
|
|
(1) For the purpose of computing the number of diluted shares for
Adjusted Non-GAAP EPS, Marchex uses the accounting guidance that
would be applicable for computing the number of diluted shares for
GAAP EPS.
|
|
|
MARCHEX, INC. AND SUBSIDIARIES Quarterly Financial
Summary Information (in thousands) (unaudited)
|
|
NON-GAAP MEASURES Amounts below exclude Discontinued
Operations
|
|
CONSOLIDATED
|
|
Q114
|
|
Q214
|
|
Q314
|
|
Q414
|
|
Q115
|
GAAP Revenue
|
|
$
|
50,496
|
|
$
|
49,676
|
|
$
|
49,181
|
|
|
$
|
33,291
|
|
|
$
|
42,575
|
|
Adjusted OIBA
|
|
$
|
4,722
|
|
$
|
4,791
|
|
$
|
4,249
|
|
|
$
|
3,469
|
|
|
$
|
7,632
|
|
Adjusted EBITDA
|
|
$
|
5,675
|
|
$
|
5,692
|
|
$
|
5,155
|
|
|
$
|
4,380
|
|
|
$
|
8,508
|
|
|
|
|
|
|
|
|
|
|
|
|
CALL-DRIVEN AND RELATED
|
|
Q114
|
|
Q214
|
|
Q314
|
|
Q414
|
|
Q115
|
GAAP Revenue
|
|
$
|
45,492
|
|
$
|
45,857
|
|
$
|
46,379
|
|
|
$
|
30,323
|
|
|
$
|
35,029
|
|
Adjusted OIBA
|
|
$
|
2,411
|
|
$
|
2,897
|
|
$
|
3,279
|
|
|
$
|
2,512
|
|
|
$
|
2,631
|
|
Adjusted EBITDA
|
|
$
|
3,312
|
|
$
|
3,764
|
|
$
|
4,170
|
|
|
$
|
3,409
|
|
|
$
|
3,493
|
|
|
|
|
|
|
|
|
|
|
|
|
ARCHEO
|
|
Q114
|
|
Q214
|
|
Q314
|
|
Q414
|
|
Q115
|
GAAP Revenue
|
|
$
|
5,004
|
|
$
|
3,819
|
|
$
|
2,802
|
|
|
$
|
2,968
|
|
|
$
|
7,546
|
|
Adjusted OIBA
|
|
$
|
2,311
|
|
$
|
1,894
|
|
$
|
970
|
|
|
$
|
957
|
|
|
$
|
5,001
|
|
Adjusted EBITDA
|
|
$
|
2,363
|
|
$
|
1,928
|
|
$
|
985
|
|
|
$
|
971
|
|
|
$
|
5,015
|
|
|
|
|
|
|
|
|
|
|
|
|
ARCHEO excluding Divested Assets1
|
|
Q114
|
|
Q214
|
|
Q314
|
|
Q414
|
|
Q115
|
Revenue excluding Divested Assets1
|
|
$
|
2,602
|
|
$
|
1,185
|
|
$
|
859
|
|
|
$
|
903
|
|
|
$
|
887
|
|
Adjusted OIBA excluding Divested Assets1
|
|
$
|
847
|
|
$
|
239
|
|
$
|
(49
|
)
|
|
$
|
(154
|
)
|
|
$
|
(170
|
)
|
Adjusted EBITDA excluding Divested Assets1
|
|
$
|
847
|
|
$
|
239
|
|
$
|
(49
|
)
|
|
$
|
(154
|
)
|
|
$
|
(169
|
)
|
|
1 In April 2015, Marchex divested certain Archeo domain
name and related assets ("Divested Assets"). The financial results
for the Divested Assets are preliminary, subject to updates, and
have been derived from the unaudited consolidated financial
statements of Marchex, Inc. for all periods presented.
|
|
Due to rounding, the sum of quarterly amounts may not equal amounts
reported for year-to-date periods.
|
|
|
MARCHEX, INC. AND SUBSIDIARIES (in thousands) (unaudited)
|
|
Reconciliation of GAAP Income (Loss) from Operations to Operating
Income before Amortization (OIBA) and Adjusted Operating
Income Before Amortization (Adjusted OIBA)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
3/31/2014
|
|
6/30/2014
|
|
9/30/2014
|
|
12/31/2014
|
|
3/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
$
|
1,436
|
|
|
$
|
1,711
|
|
|
$
|
1,225
|
|
|
$
|
590
|
|
$
|
4,613
|
Stock-based compensation
|
|
|
2,883
|
|
|
|
3,117
|
|
|
|
3,024
|
|
|
|
2,879
|
|
|
2,794
|
Amortization of intangible assets from acquisitions
|
|
|
403
|
|
|
|
31
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
Operating income before amortization (OIBA)
|
|
|
4,722
|
|
|
|
4,859
|
|
|
|
4,249
|
|
|
|
3,469
|
|
|
7,407
|
Acquisition and disposition related costs
|
|
|
-
|
|
|
|
(68
|
)
|
|
|
-
|
|
|
|
-
|
|
|
225
|
Adjusted OIBA - Consolidated
|
|
$
|
4,722
|
|
|
$
|
4,791
|
|
|
$
|
4,249
|
|
|
$
|
3,469
|
|
$
|
7,632
|
Less: Archeo Adjusted OIBA 1
|
|
|
2,311
|
|
|
|
1,894
|
|
|
|
970
|
|
|
|
957
|
|
|
5,001
|
Call-Driven and related Adjusted OIBA1
|
|
$
|
2,411
|
|
|
$
|
2,897
|
|
|
$
|
3,279
|
|
|
$
|
2,512
|
|
$
|
2,631
|
|
|
Reconciliation from Net Cash provided by Operating Activities to
Adjusted EBITDA
|
|
|
|
|
|
Three Months Ended
|
|
|
3/31/2014
|
|
6/30/2014
|
|
9/30/2014
|
|
12/31/2014
|
|
3/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
8,078
|
|
|
$
|
3,289
|
|
|
$
|
6,750
|
|
|
$
|
4,302
|
|
$
|
6,200
|
Changes in assets and liabilities
|
|
|
(2,984
|
)
|
|
|
1,672
|
|
|
|
(24,736
|
)
|
|
|
58
|
|
|
2,054
|
Income tax expense
|
|
|
588
|
|
|
|
709
|
|
|
|
22,980
|
|
|
|
-
|
|
|
5
|
Disposition related costs
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
225
|
Discontinued operations, net of tax
|
|
|
(9
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
Tax effect of gain on sale of discontinued operations
|
|
|
-
|
|
|
|
-
|
|
|
|
143
|
|
|
|
-
|
|
|
-
|
Interest expense and other, net
|
|
|
2
|
|
|
|
22
|
|
|
|
18
|
|
|
|
20
|
|
|
24
|
Adjusted EBITDA - Consolidated
|
|
$
|
5,675
|
|
|
$
|
5,692
|
|
|
$
|
5,155
|
|
|
$
|
4,380
|
|
$
|
8,508
|
Less: Archeo Adjusted EBITDA1
|
|
|
2,363
|
|
|
|
1,928
|
|
|
|
985
|
|
|
|
971
|
|
|
5,015
|
Call-Driven and related Adjusted EBITDA1
|
|
$
|
3,312
|
|
|
$
|
3,764
|
|
|
$
|
4,170
|
|
|
$
|
3,409
|
|
$
|
3,493
|
|
|
Summary of Revenue by Segment
|
|
|
|
|
|
Three Months Ended
|
|
|
3/31/2014
|
|
6/30/2014
|
|
9/30/2014
|
|
12/31/2014
|
|
3/31/2015
|
Call-Driven and related Revenue1
|
|
$
|
45,492
|
|
|
$
|
45,857
|
|
|
$
|
46,379
|
|
|
$
|
30,323
|
|
$
|
35,029
|
Archeo Revenue1
|
|
|
5,004
|
|
|
|
3,819
|
|
|
|
2,802
|
|
|
|
2,968
|
|
|
7,546
|
Revenue - Consolidated
|
|
$
|
50,496
|
|
|
$
|
49,676
|
|
|
$
|
49,181
|
|
|
$
|
33,291
|
|
$
|
42,575
|
|
1 The financial results for Call-Driven and Archeo have been
derived from the unaudited condensed consolidated financial
statements.
|
|
|
MARCHEX, INC. AND SUBSIDIARIES Archeo Financial
Summary (in thousands) (Unaudited)
|
|
NON-GAAP MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARCHEO
|
|
Q114
|
|
Q214
|
|
Q314
|
|
Q414
|
|
Q115
|
Archeo GAAP Revenue
|
|
$
|
5,004
|
|
$
|
3,819
|
|
$
|
2,802
|
|
|
$
|
2,968
|
|
|
$
|
7,546
|
|
Less: Revenue from Divested Assets
|
|
$
|
2,402
|
|
$
|
2,634
|
|
$
|
1,943
|
|
|
$
|
2,065
|
|
|
$
|
6,659
|
|
Archeo Revenue excluding Divested Assets1
|
|
$
|
2,602
|
|
$
|
1,185
|
|
$
|
859
|
|
|
$
|
903
|
|
|
$
|
887
|
|
|
|
|
|
|
|
|
|
|
|
|
Archeo Adjusted OIBA
|
|
$
|
2,311
|
|
$
|
1,894
|
|
$
|
970
|
|
|
$
|
957
|
|
|
$
|
5,001
|
|
Less: Adjusted OIBA from Divested Assets
|
|
$
|
1,464
|
|
$
|
1,655
|
|
$
|
1,019
|
|
|
$
|
1,111
|
|
|
$
|
5,171
|
|
Archeo Adjusted OIBA excluding Divested Assets1
|
|
$
|
847
|
|
$
|
239
|
|
$
|
(49
|
)
|
|
$
|
(154
|
)
|
|
$
|
(170
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Archeo Adjusted EBITDA
|
|
$
|
2,363
|
|
$
|
1,928
|
|
$
|
985
|
|
|
$
|
971
|
|
|
$
|
5,015
|
|
Less: Adjusted EBITDA from Divested Assets
|
|
$
|
1,516
|
|
$
|
1,689
|
|
$
|
1,034
|
|
|
$
|
1,125
|
|
|
$
|
5,184
|
|
Archeo Adjusted EBITDA excluding Divested Assets1
|
|
$
|
847
|
|
$
|
239
|
|
$
|
(49
|
)
|
|
$
|
(154
|
)
|
|
$
|
(169
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
1 In April 2015, Marchex divested certain Archeo domain
name and related assets ("Divested Assets"). The financial results
for the Divested Assets are preliminary, subject to updates, and
have been derived from the unaudited consolidated financial
statements of Marchex, Inc. for all periods presented.
|
|
Due to rounding, the sum of quarterly amounts may not equal amounts
reported for year-to-date periods.
|
|
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|