[November 02, 2016] |
|
Marchex Announces Third Quarter 2016 Results
Marchex,
Inc. (NASDAQ:MCHX), a leading mobile advertising analytics company,
today announced its financial results for the third quarter ended
September 30, 2016.
Q3 2016 Financial Highlights
-
GAAP revenue was $30.7 million for the third quarter of 2016, compared
to $36.9 million for the third quarter of 2015.
-
GAAP net loss from continuing operations was $5.9 million for the
third quarter of 2016 or $0.14 per diluted share. For the third
quarter of 2015, GAAP net loss from continuing operations was $191,000
or $0.00 per diluted share.
|
|
|
|
|
|
|
Q3 2015
|
|
Q3 2016
|
GAAP Revenue
|
|
$36.9 million
|
|
$30.7 million
|
Call-Driven Revenue1
|
|
$36.1 million
|
|
$30.7 million
|
Non-GAAP Results2:
|
|
|
|
|
Enterprise Revenue3
|
|
$26.0 million
|
|
$24.0 million
|
Call-Driven Adjusted OIBA
|
|
$2.2 million
|
|
($3.7) million
|
Call-Driven Adjusted EBITDA
|
|
$3.1 million
|
|
($2.9) million
|
|
|
|
|
|
Cash Balance
|
|
$109 million
|
|
$105 million
|
|
|
|
|
|
-
Adjusted non-GAAP earnings (loss) per share2 from
continuing operations for the third quarter of 2016 was ($0.06),
compared to $0.04 for the third quarter of 2015.
-
During the third quarter of 2016, YP contributed $6.7 million in
Call-Driven Revenue, compared to $10.1 million in the third quarter
2015.
_______________________
1 Call-Driven revenue includes revenue generated
from our contracts with YP.
2 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.
3 Enterprise Revenue represents Call-Driven revenue
excluding revenue generated from our contracts with YP.
Strategic Priorities Update
-
Grow New and Existing Enterprise Client Relationships. We are
making progress with customer initiatives, including new clients and
our pipeline. We added 25 new clients year to date, including in the
third quarter. These new relationships add to our customer footprint,
which includes 17 of the top Fortune 500 global brands.
-
Accelerate Product Innovation. Marchex Display Analytics
reached another milestone and is now available through select
strategic partnerships and we expect to launch to general availability
in the fourth quarter. Marchex Display Analytics measures the
effectiveness of display and other digital media in driving call
conversions and is expanding its ability to measure the consumer
journey and interplay between search and display. With the
availability of Marchex Display Analytics, the Marchex Analytics
platform gets closer to its mission to measure offline sales, and
audience and consumer intent from digital advertisements across every
channel and every device. Through our expanding integration footprint,
our Marchex Display Analytics technology has access to more than 90%
of impressions available in the U.S.
-
Expand Global Strategic Partnerships. We have a new integration
with DoubleClick Campaign Manager's newly released Conversions API.
With this integration, marketers can securely upload Marchex Display
Analytics data to DoubleClick and attribute inbound phone calls to
digital and mobile advertising programs, providing a more complete
view of media performance. DoubleClick customers can now take
advantage of the rich phone call data that Marchex provides to better
understand their customers and campaigns.
"Marchex has a unique position in the mobile advertising analytics
market by virtue of our customer base, technology and products and we
expect to make progress toward improving our financial performance and
returning Marchex to profitability as soon as possible," said Michael
Arends, Chief Financial Officer.
Business Outlook
The following forward-looking statements reflect Marchex's expectations
as of November 2, 2016.
Total Call-Driven financial guidance for the
Fourth Quarter ending December 31, 2016
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|
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Call-Driven Revenue1
|
|
|
|
$26 million or more
|
Call-Driven Adjusted OIBA2
|
|
|
|
a loss of ($3) million to a loss of ($4) million
|
Call-Driven Adjusted EBITDA2
|
|
|
|
a loss of ($2) million to a loss of ($3) million
|
|
|
|
|
|
Total Call-Driven financial guidance for the
Fiscal Year ending December 31, 2016
|
|
|
|
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Call-Driven Revenue1
|
|
|
|
$127 million or more
|
Call-Driven Adjusted OIBA2
|
|
|
|
a loss of ($10) million to a loss of ($11) million
|
Call-Driven Adjusted EBITDA2
|
|
|
|
a loss of ($6.5) million to a loss of ($7.5) million
|
|
|
|
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|
Conference Call and Webcast Information
Management will hold a conference call, starting at 5:00 p.m. ET on
Wednesday, November 2, 2016 to discuss its third quarter ended September
30, 2016 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,
www.marchex.com/blog/
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 November 2, 2016 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 earnings (loss) per share and Call-Driven and Archeo and Other
Adjusted OIBA and EBITDA. Marchex also provides Enterprise Revenue,
which represents Call-Driven revenue excluding revenue generated from
our contracts with Yellowpages.com LLC ("YP").
OIBA represents income (loss) from
operations plus stock-based compensation expense. 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 and impairment of goodwill, as these items are 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, acquisition and disposition related costs, and
impairment of goodwill. Adjusted EBITDA
represents income before interest, income taxes, depreciation,
amortization, stock compensation expense, acquisition and disposition
related costs, and impairment of goodwill. Marchex believes that
Adjusted EBITDA is another alternative measure of liquidity to GAAP net
cash provided by (used in) 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
and Archeo and Other Adjusted OIBA and EBITDA
include the above descriptions of Adjusted OIBA and EBITDA for the
Call-Driven and Archeo segments. The Call-Driven Adjusted OIBA and
EBITDA includes all Marchex general corporate overhead costs. The Archeo
and Other Adjusted OIBA and EBITDA in 2016 primarily includes transition
activities provided to the buyer of the Archeo assets which are not
material. Financial analysts and investors may use Adjusted OIBA and
EBITDA and Enterprise Revenue to help with comparative financial
evaluation to make informed investment decisions. Adjusted
non-GAAP earnings (loss) per share represents Adjusted
non-GAAP net income (loss) applicable to common stockholders divided by
GAAP diluted shares outstanding. Adjusted non-GAAP net income (loss)
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 (loss)
applicable to common stockholders plus the net of tax effects of: (1)
stock-based compensation expense, (2) acquisition and disposition
related costs, (3) interest and other income (expense), (4) discontinued
operations, net of tax, (5) dividends paid to participating securities
and (6) impairment of goodwill. Financial analysts and investors may use
Adjusted non-GAAP earnings (loss) per share 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 amounts)
|
(unaudited)
|
|
|
|
Three months ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
Revenue
|
|
$
|
36,852
|
|
$
|
30,749
|
|
|
$
|
108,113
|
|
|
$
|
101,146
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service costs (1)
|
|
|
20,003
|
|
|
18,505
|
|
|
|
59,166
|
|
|
|
60,964
|
|
Sales and marketing (1)
|
|
|
4,266
|
|
|
5,562
|
|
|
|
11,969
|
|
|
|
16,733
|
|
Product development (1)
|
|
|
7,769
|
|
|
6,832
|
|
|
|
23,608
|
|
|
|
21,859
|
|
General and administrative (1)
|
|
|
4,721
|
|
|
5,320
|
|
|
|
14,925
|
|
|
|
15,815
|
|
Acquisition and disposition related costs
|
|
|
81
|
|
|
354
|
|
|
|
199
|
|
|
|
662
|
|
Total operating expenses
|
|
|
36,840
|
|
|
36,573
|
|
|
|
109,867
|
|
|
|
116,033
|
|
Impairment of goodwill
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
(63,305
|
)
|
Income (loss) from operations
|
|
|
12
|
|
|
(5,824
|
)
|
|
|
(1,754
|
)
|
|
|
(78,192
|
)
|
Interest expense and other, net
|
|
|
(12
|
)
|
|
(15
|
)
|
|
|
(52
|
)
|
|
|
(90
|
)
|
Loss from continuing operations before provision for income taxes
|
|
|
0
|
|
|
(5,839
|
)
|
|
|
(1,806
|
)
|
|
|
(78,282
|
)
|
Income tax expense
|
|
|
191
|
|
|
15
|
|
|
|
11
|
|
|
|
40
|
|
Net loss from continuing operations
|
|
|
(191
|
)
|
|
(5,854
|
)
|
|
|
(1,817
|
)
|
|
|
(78,322
|
)
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of tax
|
|
|
37
|
|
|
-
|
|
|
|
5,084
|
|
|
|
-
|
|
Gain on sale from discontinued operations, net of tax
|
|
|
163
|
|
|
-
|
|
|
|
22,195
|
|
|
|
-
|
|
Discontinued operations, net of tax
|
|
|
200
|
|
|
-
|
|
|
|
27,279
|
|
|
|
-
|
|
Net income (loss)
|
|
|
9
|
|
|
(5,854
|
)
|
|
|
25,462
|
|
|
|
(78,322
|
)
|
Dividends paid to participating securities
|
|
|
-
|
|
|
-
|
|
|
|
(37
|
)
|
|
|
-
|
|
Net income (loss) applicable to common stockholders
|
|
$
|
9
|
|
$
|
(5,854
|
)
|
|
$
|
25,425
|
|
|
$
|
(78,322
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income (loss) per Class A and Class
B share applicable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(0.00
|
)
|
$
|
(0.14
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(1.88
|
)
|
Discontinued operations, net of tax
|
|
$
|
0.00
|
|
$
|
-
|
|
|
$
|
0.66
|
|
|
$
|
-
|
|
Basic and diluted net income (loss) per Class A and Class
B share applicable to common stockholders
|
|
$
|
0.00
|
|
$
|
(0.14
|
)
|
|
$
|
0.62
|
|
|
$
|
(1.88
|
)
|
Dividends paid per share
|
|
$
|
-
|
|
$
|
-
|
|
|
$
|
0.04
|
|
|
$
|
-
|
|
Shares used to calculate basic net income (loss) per
share applicable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
5,233
|
|
|
5,233
|
|
|
|
5,233
|
|
|
|
5,233
|
|
Class B
|
|
|
36,120
|
|
|
36,639
|
|
|
|
35,980
|
|
|
|
36,372
|
|
Shares used to calculate diluted net income (loss) per
share applicable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
5,233
|
|
|
5,233
|
|
|
|
5,233
|
|
|
|
5,233
|
|
Class B
|
|
|
41,353
|
|
|
41,872
|
|
|
|
41,213
|
|
|
|
41,605
|
|
(1) Includes stock-based compensation allocated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service costs
|
|
$
|
273
|
|
$
|
160
|
|
|
$
|
1,046
|
|
|
$
|
565
|
|
Sales and marketing
|
|
|
339
|
|
|
353
|
|
|
|
893
|
|
|
|
1,321
|
|
Product development
|
|
|
620
|
|
|
206
|
|
|
|
1,843
|
|
|
|
1,367
|
|
General and administrative
|
|
|
1,119
|
|
|
1,060
|
|
|
|
4,027
|
|
|
|
3,993
|
|
Total
|
|
$
|
2,351
|
|
$
|
1,779
|
|
|
$
|
7,809
|
|
|
$
|
7,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARCHEX, INC. AND SUBSIDIARIES
|
Condensed Consolidated Balance Sheets
|
(in thousands)
|
(unaudited)
|
|
|
|
December 31,
|
|
September 30,
|
|
Assets
|
|
2015
|
|
2016
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
109,155
|
|
$
|
105,275
|
|
Accounts receivable, net
|
|
|
24,621
|
|
|
21,579
|
|
Prepaid expenses and other current assets
|
|
|
1,784
|
|
|
1,995
|
|
Refundable taxes
|
|
|
127
|
|
|
117
|
|
Total current assets
|
|
|
135,687
|
|
|
128,966
|
|
Property and equipment, net
|
|
|
5,778
|
|
|
3,913
|
|
Intangibles and other assets, net
|
|
|
222
|
|
|
220
|
|
Goodwill
|
|
|
63,305
|
|
|
-
|
|
Total Assets
|
|
$
|
204,992
|
|
$
|
133,099
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
9,460
|
|
$
|
7,960
|
|
Accrued expenses and other current liabilities
|
|
|
6,712
|
|
|
8,300
|
|
Deferred revenue
|
|
|
692
|
|
|
362
|
|
Total current liabilities
|
|
|
16,864
|
|
|
16,622
|
|
Other non-current liabilities
|
|
|
662
|
|
|
266
|
|
Total Liabilities
|
|
|
17,526
|
|
|
16,888
|
|
Class A common stock
|
|
|
55
|
|
|
55
|
|
Class B common stock
|
|
|
368
|
|
|
381
|
|
Treasury stock
|
|
|
(238
|
)
|
|
(2
|
)
|
Additional paid-in capital
|
|
|
350,799
|
|
|
357,617
|
|
Accumulated deficit
|
|
|
(163,518
|
)
|
|
(241,840
|
)
|
Total Stockholders' Equity
|
|
|
187,466
|
|
|
116,211
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
204,992
|
|
$
|
133,099
|
|
|
|
|
|
|
|
|
|
MARCHEX, INC. AND SUBSIDIARIES
|
(in thousands)
|
(unaudited)
|
|
Reconciliation of GAAP Income (Loss) from Operations to Operating
Income (Loss) Before Amortization (OIBA)
|
and Adjusted Operating Income (Loss) Before Amortization
(Adjusted OIBA)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
2016
|
|
Income (loss) from operations
|
|
$
|
12
|
|
$
|
(5,824
|
)
|
|
$
|
(1,754
|
)
|
$
|
(78,192
|
)
|
Stock-based compensation
|
|
|
2,351
|
|
|
1,779
|
|
|
|
7,809
|
|
|
7,246
|
|
Operating income (loss) before amortization (OIBA)
|
|
|
2,363
|
|
|
(4,045
|
)
|
|
|
6,055
|
|
|
(70,946
|
)
|
Acquisition and disposition related costs
|
|
|
81
|
|
|
354
|
|
|
|
199
|
|
|
662
|
|
Impairment of goodwill
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
63,305
|
|
Adjusted operating income (loss) before amortization
(Adjusted OIBA) - Consolidated
|
|
$
|
2,444
|
|
$
|
(3,691
|
)
|
|
$
|
6,254
|
|
$
|
(6,979
|
)
|
Less: Archeo and Other Adjusted OIBA1
|
|
|
267
|
|
|
18
|
|
|
|
45
|
|
|
45
|
|
Call-Driven Adjusted OIBA1
|
|
$
|
2,177
|
|
$
|
(3,709
|
)
|
|
$
|
6,209
|
|
$
|
(7,024
|
)
|
|
|
|
|
|
|
|
Reconciliation from Net Cash provided by (used in) Operating
Activities to Adjusted EBITDA
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
2016
|
|
Net cash provided by (used in) operating activities
|
|
$
|
7,563
|
|
$
|
(220
|
)
|
|
$
|
12,000
|
|
$
|
(2,873
|
)
|
Changes in asset and liabilities
|
|
|
(4,299
|
)
|
|
(3,085
|
)
|
|
|
1,813
|
|
|
(2,438
|
)
|
Income tax expense
|
|
|
191
|
|
|
15
|
|
|
|
11
|
|
|
40
|
|
Acquisition and disposition related costs
|
|
|
81
|
|
|
354
|
|
|
|
199
|
|
|
662
|
|
Interest expense and other, net
|
|
|
12
|
|
|
12
|
|
|
|
52
|
|
|
87
|
|
Income from discontinued operations, net of tax
|
|
|
(37
|
)
|
|
-
|
|
|
|
(5,102
|
)
|
|
-
|
|
Tax effect on gain on sale of discontinued operations
|
|
|
(163
|
)
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Adjusted EBITDA - Consolidated
|
|
$
|
3,348
|
|
$
|
(2,924
|
)
|
|
$
|
8,973
|
|
$
|
(4,522
|
)
|
Less: Archeo and Other Adjusted EBITDA1
|
|
|
267
|
|
|
18
|
|
|
|
45
|
|
|
45
|
|
Call-Driven Adjusted EBITDA1
|
|
$
|
3,081
|
|
$
|
(2,942
|
)
|
|
$
|
8,928
|
|
$
|
(4,567
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
$
|
(1,260
|
)
|
$
|
(235
|
)
|
|
$
|
21,580
|
|
$
|
(829
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(1,798
|
)
|
$
|
(47
|
)
|
|
$
|
(4,676
|
)
|
$
|
(178
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
The financial results have been derived from the condensed
consolidated financial statements. In April 2015, Marchex divested
certain Archeo domain name and related assets and the operating
results of these divested assets are included in discontinued
operations, net of tax, in the condensed consolidated financial
statements. In December 2015, Marchex sold the remaining Archeo
assets and its operating results are included in continuing
operations for 2015. Unless otherwise indicated, information
presented in these financial tables relates only to Marchex's
continuing operations. In 2016, Other operating results related
primarily to transition activities provided to the buyer of the
Archeo assets and were not significant.
|
|
|
|
|
MARCHEX, INC. AND SUBSIDIARIES
|
|
Reconciliation of GAAP loss per share to Adjusted Non-GAAP
earnings (loss) per share
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
2016
|
|
Adjusted Non-GAAP earnings (loss) per share from
continuing operations
|
|
$
|
0.04
|
|
$
|
(0.06
|
)
|
|
$
|
0.10
|
|
$
|
(0.11
|
)
|
Net loss from continuing operations applicable to
common stockholders - diluted (GAAP loss per share)
|
|
$
|
(0.00
|
)
|
$
|
(0.14
|
)
|
|
$
|
(0.04
|
)
|
$
|
(1.88
|
)
|
Shares used to calculate diluted net loss from continuing
operations per share applicable to common stockholders
|
|
|
41,353
|
|
|
41,872
|
|
|
|
41,213
|
|
|
41,605
|
|
Net income (loss) applicable to common stockholders
|
|
$
|
9
|
|
$
|
(5,854
|
)
|
|
$
|
25,425
|
|
$
|
(78,322
|
)
|
Stock-based compensation
|
|
|
2,351
|
|
|
1,779
|
|
|
|
7,809
|
|
|
7,246
|
|
Acquisition and disposition related costs
|
|
|
81
|
|
|
354
|
|
|
|
199
|
|
|
662
|
|
Impairment of goodwill
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
63,305
|
|
Interest expense and other, net
|
|
|
12
|
|
|
15
|
|
|
|
52
|
|
|
90
|
|
Dividends paid to participating securities
|
|
|
-
|
|
|
-
|
|
|
|
37
|
|
|
-
|
|
Discontinued operations, net of tax
|
|
|
(200
|
)
|
|
-
|
|
|
|
(27,279
|
)
|
|
-
|
|
Estimated impact of income taxes
|
|
|
(662
|
)
|
|
1,248
|
|
|
|
(2,182
|
)
|
|
2,342
|
|
Adjusted Non-GAAP net income (loss) from
continuing operations
|
|
$
|
1,591
|
|
$
|
(2,458
|
)
|
|
$
|
4,061
|
|
$
|
(4,677
|
)
|
Adjusted Non-GAAP earnings (loss) per share from
continuing operations
|
|
$
|
0.04
|
|
$
|
(0.06
|
)
|
|
$
|
0.10
|
|
$
|
(0.11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to calculate diluted net income (loss) from
continuing operations per share applicable to common
stockholders (GAAP)
|
|
|
41,353
|
|
|
41,872
|
|
|
|
41,213
|
|
|
41,605
|
|
Weighted average stock options and common shares
subject to purchase or cancellation (if applicable)
|
|
|
394
|
|
|
-
|
|
|
|
373
|
|
|
-
|
|
Diluted shares used to calculate Adjusted Non-GAAP earnings
(loss) per share 1
|
|
|
41,747
|
|
|
41,872
|
|
|
|
41,586
|
|
|
41,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
For the purpose of computing the number of diluted shares for
Adjusted Non-GAAP earnings (loss) per share, Marchex uses the
accounting guidance that would be applicable for computing the
number of diluted shares for GAAP earnings (loss) per share.
|
|
MARCHEX, INC. AND SUBSIDIARIES
|
Financial Summary Information
|
(in thousands)
|
(unaudited)
|
|
NON-GAAP MEASURES
|
|
CONSOLIDATED1
|
|
Q315
|
|
Q316
|
|
|
YTD Q315
|
|
YTD Q316
|
|
GAAP Revenue
|
|
$
|
36,852
|
|
$
|
30,749
|
|
|
$
|
108,113
|
|
$
|
101,146
|
|
Adjusted OIBA
|
|
$
|
2,444
|
|
$
|
(3,691
|
)
|
|
$
|
6,254
|
|
$
|
(6,979
|
)
|
Adjusted EBITDA
|
|
$
|
3,348
|
|
$
|
(2,924
|
)
|
|
$
|
8,973
|
|
$
|
(4,522
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALL-DRIVEN
|
|
Q315
|
|
Q316
|
|
|
YTD Q315
|
|
YTD Q316
|
|
GAAP Revenue
|
|
$
|
36,135
|
|
$
|
30,749
|
|
|
$
|
105,621
|
|
$
|
101,125
|
|
Adjusted OIBA
|
|
$
|
2,177
|
|
$
|
(3,709
|
)
|
|
$
|
6,209
|
|
$
|
(7,024
|
)
|
Adjusted EBITDA
|
|
$
|
3,081
|
|
$
|
(2,942
|
)
|
|
$
|
8,928
|
|
$
|
(4,567
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENTERPRISE REVENUE2
|
|
Q315
|
|
Q316
|
|
|
YTD Q315
|
|
YTD Q316
|
|
Call-Driven GAAP Revenue
|
|
$
|
36,135
|
|
$
|
30,749
|
|
|
$
|
105,621
|
|
$
|
101,125
|
|
Less: YP Revenue
|
|
$
|
10,128
|
|
$
|
6,747
|
|
|
$
|
31,247
|
|
$
|
23,357
|
|
Enterprise Revenue
|
|
$
|
26,007
|
|
$
|
24,002
|
|
|
$
|
74,374
|
|
$
|
77,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
In April 2015, Marchex divested certain Archeo domain name and
related assets and the operating results of these divested assets
are included in discontinued operations, net of tax, in the
condensed consolidated financial statements. In December 2015,
Marchex sold the remaining Archeo assets and its operating results
are included in continuing operations for 2015. In 2016, there
were Other operating activities that related primarily to
transition activities provided to the buyer of the Archeo assets
and were not significant. Unless otherwise indicated, information
presented in these financial tables relates only to Marchex's
continuing operations.
|
|
|
|
|
2
|
|
|
Enterprise Revenue, also referred to as "Call-Driven Revenue
excluding YP", represents Call-Driven revenue excluding revenue
generated from our contracts with YP.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102006637/en/
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