[February 16, 2017] |
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Marchex Announces Fourth Quarter and Full Year 2016 Results
Marchex, Inc. (NASDAQ:MCHX), a mobile advertising analytics company,
today announced its financial results for the fourth quarter and full
year ended December 31, 2016.
Q4 and Full Year 2016 Financial Highlights
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GAAP revenue was $28.4 million for the fourth quarter of 2016,
compared to $34.9 million for the fourth quarter of 2015. GAAP revenue
was $129.5 million for 2016, compared to $143.0 million for 2015.
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GAAP net loss from continuing operations was $5.7 million for the
fourth quarter of 2016 or $0.14 per diluted share. For the fourth
quarter of 2015, GAAP net income from continuing operations was $1.2
million or $0.03 per diluted share. GAAP net loss from continuing
operations was $84.1 million for 2016 or $2.01 per diluted share. For
2015, GAAP net loss from continuing operations was $597,000 or $0.01
per diluted share.
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Q4 2015
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Q4 2016
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FY 2015
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FY 2016
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GAAP Revenue
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$
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34.9 million
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$
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28.4 million
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$
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143.0 million
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$
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129.5 million
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Call-Driven Revenue1
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$
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34.3 million
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$
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28.4 million
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$
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139.9 million
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$
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129.5 million
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Non-GAAP Results2:
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Enterprise Revenue3
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$
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25.3 million
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$
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22.4 million
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$
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99.7 million
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$
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100.1 million
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Call-Driven Adjusted OIBA
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$
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1.6 million
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$
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(2.9) million
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$
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7.8 million
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$
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(9.9) million
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Call-Driven Adjusted EBITDA
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$
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2.5 million
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$
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(2.1) million
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$
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11.5 million
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$
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(6.7) million
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Cash Balance
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$
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109 million
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$
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104 million
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-
Adjusted non-GAAP earnings (loss) per share2 from
continuing operations for the fourth quarter of 2016 was ($0.04). For
the fourth quarter of 2015, adjusted non-GAAP earnings (loss) per share2
was $0.03. Adjusted non-GAAP earnings (loss) per share2
from continuing operations for 2016 was ($0.16). For 2015, adjusted
non-GAAP earnings (loss) per share2 was $0.13.
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During the fourth quarter of 2016, YP contributed $6.0 million in
Call-Driven Revenue, compared to $9.0 million in the fourth quarter of
2015. During 2016, YP contributed $29.4 million in Call-Driven Revenue
compared to $40.2 million in 2015.
_______________________
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1
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Call-Driven revenue includes revenue generated from our
contracts with YP.
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2
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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.
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3
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Enterprise Revenue represents Call-Driven revenue excluding
revenue generated from our contracts with YP.
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Strategic Priorities Update
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Secure New Enterprise Clients and Grow Existing Relationships. Continued
progress with our customer initiatives, including adding 30 new
clients in 2016.
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Accelerate Product Innovation. Marchex Omnichannel Analytics
Cloud launched this month to help marketers connect customer
conversions driven from all paid media channels - including search,
display and video, social and sites - to phone calls made to a
business. The results are smarter media spend and lower new customer
acquisition costs, higher phone call conversion rates based on
optimized media, and increased customer conversion and revenue to
businesses. This integrated solution gives marketers a full and
accurate understanding of which marketing activity is most successful
to optimize overall marketing spend and ROI for industries that rely
heavily on phone calls to schedule appointments and close sales, such
as insurance, automotive, travel, and cable.
Video and
Display Analytics launched to general availability, which measures the
impact of display and video advertising campaigns on inbound phone
calls to call centers and stores. Marketers can expand their
visibility into these campaigns by measuring video advertising units
in both premium and programmatic video publishers.
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Expand Strategic Partnerships. Our partnership with Facebook
announced this month gives marketers a deeper understanding of what
happens on a phone call that stems from a Facebook ad. This
partnership will integrate across Facebook's social analytics solution
into the Marchex Omnichannel Analytics Cloud. Marketers can now
quickly optimize their marketing spend across all paid media channels
based on actionable insights into which channel drove offline consumer
interactions, thereby boosting the efficiency of Facebook ads.
"Marchex continues to expand the unique insights we can deliver to
enterprise advertisers as we build out a broad mobile advertising
analytics solution," said Michael Arends, Chief Financial Officer. "The
Office of the CEO is conducting a strategic review of each of Marchex's
product areas to determine how best to leverage the strengths of the
business where there is customer momentum and to determine the best path
forward in areas that present challenges. As part of this process, we
are determined to make progress toward the goal of achieving
profitability in the business and anticipate Marchex to be at or near
breakeven for Adjusted EBITDA at some point in the second half of this
year."
Business Outlook
The following forward-looking statements reflect Marchex's expectations
as of February 16, 2017. The revenue outlook for the first quarter is
impacted primarily by three factors:
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Reduced budget from an ongoing relationship with a large financial
services customer.
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Renegotiated economic terms of our extended relationship with YP.
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Acquired customers referenced on our 2016 second quarter conference
call.
Total Call-Driven financial guidance for the
First Quarter ending March 31, 2017
Call-Driven Revenue1
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$22.5 million or more
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Call-Driven Adjusted OIBA2
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a loss of ($4) million to ($4.5) million
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Call-Driven Adjusted EBITDA2
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a loss of ($3) million to ($3.5) million
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The guidance includes estimated reorganizational costs of
approximately $800,000 to $1.5 million for the first quarter. In
addition, the company believes that its cost reduction initiatives will
yield more than $10 million in annualized savings. The benefit of
these savings are expected to ramp throughout the year.
"While we remain vulnerable to shifting media tactics from some of our
large customers, particularly on our Call Marketplace media product, we
believe our analytics product area is a unique strategic asset with a
strong customer base and favorable operating characteristics. As we
progress through our strategic review, we expect that our overall
corporate strategy may evolve, and that we can unlock value in our
assets," said Michael Arends.
Conference Call and Webcast Information
Management will hold a conference call, starting at 5:00 p.m. ET on
Thursday, February 16, 2017, to discuss its fourth quarter and year
ended December 31, 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 February 16, 2017 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 excluding 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.
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MARCHEX, INC. AND SUBSIDIARIES
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Condensed Consolidated Statements of Operations
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(in thousands, except per share data)
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(unaudited)
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
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2015
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2016
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2015
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2016
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Revenue
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$
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34,900
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$
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28,401
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$
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143,013
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$
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129,547
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Expenses:
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Service costs (1)
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19,601
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16,006
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78,767
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76,970
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Sales and marketing (1)
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4,493
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5,574
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16,462
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22,307
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Product development (1)
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7,450
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6,587
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31,058
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28,446
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General and administrative (1)
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3,585
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5,939
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18,510
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21,754
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Acquisition and disposition related costs
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20
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-
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219
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662
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Total operating expenses
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35,149
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34,106
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145,016
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150,139
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Impairment of goodwill
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-
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-
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-
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(63,305
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)
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Gain on sale of Archeo assets
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1,496
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-
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1,496
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-
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Income (loss) from operations
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1,247
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(5,705
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)
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(507
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)
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(83,897
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)
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Interest expense and other, net
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(11
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(25
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(63
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(115
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Income (loss) from continuing operations before provision for income
taxes
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1,236
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(5,730
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)
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(570
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)
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(84,012
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)
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Income tax expense
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16
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14
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27
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54
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Net income (loss) from continuing operations
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1,220
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(5,744
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)
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(597
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)
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(84,066
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)
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Discontinued operations:
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Income from discontinued operations, net of tax
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38
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-
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5,123
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-
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Gain on sale of discontinued operations, net of tax
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-
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-
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22,195
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-
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Discontinued operations, net of tax
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38
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-
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27,318
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-
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Net income (loss)
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1,258
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(5,744
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)
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26,721
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(84,066
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)
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Dividends paid to participating securities
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-
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-
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(37
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)
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-
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Net income (loss) applicable to common stockholders
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$
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1,258
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$
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(5,744
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)
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$
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26,684
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$
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(84,066
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)
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Basic and diluted net income (loss) per Class A and Class B share
applicable to common stockholders:
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|
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|
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|
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Continuing operations
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$
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0.03
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$
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(0.14
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)
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|
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$
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(0.01
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)
|
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$
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(2.01
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)
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Discontinued operations, net of tax
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$
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0.00
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$
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-
|
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|
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$
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0.66
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$
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-
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Basic and diluted net income (loss) per Class A and Class B share
applicable to common stockholders
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|
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$
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0.03
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|
|
$
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(0.14
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)
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$
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0.65
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$
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(2.01
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)
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Dividends paid per share
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|
|
$
|
-
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|
|
$
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-
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|
|
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$
|
0.04
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|
|
$
|
-
|
|
Shares used to calculate basic net income (loss) per share
applicable to common stockholders:
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Class A
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|
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5,233
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|
|
|
5,062
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|
|
|
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5,233
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|
|
|
5,190
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Class B
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|
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35,804
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|
37,076
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|
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35,935
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|
|
|
36,550
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|
Shares used to calculate diluted net income (loss) per share
applicable to common stockholders:
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|
|
|
|
|
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|
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|
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Class A
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|
|
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5,233
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|
|
|
5,062
|
|
|
|
|
5,233
|
|
|
|
5,190
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Class B
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|
|
|
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41,599
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|
|
|
42,138
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|
|
|
|
41,168
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|
|
|
41,740
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|
|
|
|
|
|
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|
|
|
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(1) Includes stock-based compensation allocated as follows:
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|
|
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Service costs
|
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|
|
$
|
143
|
|
|
$
|
128
|
|
|
|
$
|
1,189
|
|
|
$
|
693
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|
Sales and marketing
|
|
|
|
|
414
|
|
|
|
417
|
|
|
|
|
1,307
|
|
|
|
1,738
|
|
Product development
|
|
|
|
|
567
|
|
|
|
202
|
|
|
|
|
2,410
|
|
|
|
1,569
|
|
General and administrative
|
|
|
|
|
1,091
|
|
|
|
2,190
|
|
|
|
|
5,118
|
|
|
|
6,183
|
|
Total
|
|
|
|
$
|
2,215
|
|
|
$
|
2,937
|
|
|
|
$
|
10,024
|
|
|
$
|
10,183
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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MARCHEX, INC. AND SUBSIDIARIES
|
Condensed Consolidated Balance Sheets
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(in thousands)
|
(unaudited)
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
2016
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
109,155
|
|
|
$
|
103,950
|
|
Accounts receivable, net
|
|
|
|
|
24,621
|
|
|
|
18,922
|
|
Prepaid expenses and other current assets
|
|
|
|
|
1,784
|
|
|
|
1,531
|
|
Refundable taxes
|
|
|
|
|
127
|
|
|
|
98
|
|
Total current assets
|
|
|
|
|
135,687
|
|
|
|
124,501
|
|
Property and equipment, net
|
|
|
|
|
5,778
|
|
|
|
3,557
|
|
Other assets, net
|
|
|
|
|
222
|
|
|
|
214
|
|
Goodwill
|
|
|
|
|
63,305
|
|
|
|
-
|
|
Total assets
|
|
|
|
$
|
204,992
|
|
|
$
|
128,272
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
9,460
|
|
|
$
|
6,811
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
6,712
|
|
|
|
7,707
|
|
Deferred revenue
|
|
|
|
|
692
|
|
|
|
349
|
|
Total current liabilities
|
|
|
|
|
16,864
|
|
|
|
14,867
|
|
Other non-current liabilities
|
|
|
|
|
662
|
|
|
|
134
|
|
Total liabilities
|
|
|
|
|
17,526
|
|
|
|
15,001
|
|
|
|
|
|
|
|
|
|
Class A common stock
|
|
|
|
|
55
|
|
|
|
53
|
|
Class B common stock
|
|
|
|
|
368
|
|
|
|
380
|
|
Treasury Stock
|
|
|
|
|
(238
|
)
|
|
|
-
|
|
Additional paid-in capital
|
|
|
|
|
350,799
|
|
|
|
360,422
|
|
Accumulated deficit
|
|
|
|
|
(163,518
|
)
|
|
|
(247,584
|
)
|
Total stockholders' equity
|
|
|
|
|
187,466
|
|
|
|
113,271
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
204,992
|
|
|
$
|
128,272
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
Income (loss) from operations
|
|
|
|
$
|
1,247
|
|
|
|
$
|
(5,705
|
)
|
|
|
$
|
(507
|
)
|
|
|
$
|
(83,897
|
)
|
Stock-based compensation
|
|
|
|
|
2,215
|
|
|
|
|
2,937
|
|
|
|
|
10,024
|
|
|
|
|
10,183
|
|
Operating income (loss) before amortization (OIBA)
|
|
|
|
|
3,462
|
|
|
|
|
(2,768
|
)
|
|
|
|
9,517
|
|
|
|
|
(73,714
|
)
|
Acquisition and disposition related costs
|
|
|
|
|
20
|
|
|
|
|
-
|
|
|
|
|
219
|
|
|
|
|
662
|
|
Impairment of goodwill
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
63,305
|
|
Gain on sale of Archeo assets
|
|
|
|
|
(1,496
|
)
|
|
|
|
-
|
|
|
|
|
(1,496
|
)
|
|
|
|
-
|
|
Adjusted operating income (loss) before amortization (Adjusted
OIBA) - Consolidated
|
|
|
|
$
|
1,986
|
|
|
|
$
|
(2,768
|
)
|
|
|
$
|
8,240
|
|
|
|
$
|
(9,747
|
)
|
Less: Archeo and Other Adjusted OIBA1
|
|
|
|
|
386
|
|
|
|
|
82
|
|
|
|
|
431
|
|
|
|
|
127
|
|
Call-Driven Adjusted OIBA1
|
|
|
|
$
|
1,600
|
|
|
|
$
|
(2,850
|
)
|
|
|
$
|
7,809
|
|
|
|
$
|
(9,874
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net Cash provided by (used in) Operating
Activities to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
Net cash provided by (used in) operating activities
|
|
|
|
$
|
753
|
|
|
|
$
|
(796
|
)
|
|
|
$
|
12,753
|
|
|
|
$
|
(3,669
|
)
|
Changes in assets and liabilities
|
|
|
|
|
2,150
|
|
|
|
|
(1,273
|
)
|
|
|
|
3,963
|
|
|
|
|
(3,711
|
)
|
Income tax expense
|
|
|
|
|
16
|
|
|
|
|
14
|
|
|
|
|
27
|
|
|
|
|
54
|
|
Acquisition and disposition related costs
|
|
|
|
|
20
|
|
|
|
|
-
|
|
|
|
|
219
|
|
|
|
|
662
|
|
Interest expense and other, net
|
|
|
|
|
11
|
|
|
|
|
25
|
|
|
|
|
63
|
|
|
|
|
112
|
|
Income from discontinued operations, net of tax
|
|
|
|
|
(38
|
)
|
|
|
|
-
|
|
|
|
|
(5,140
|
)
|
|
|
|
-
|
|
Adjusted EBITDA - Consolidated
|
|
|
|
$
|
2,912
|
|
|
|
$
|
(2,030
|
)
|
|
|
$
|
11,885
|
|
|
|
$
|
(6,552
|
)
|
Less: Archeo and Other Adjusted EBITDA1
|
|
|
|
|
386
|
|
|
|
|
82
|
|
|
|
|
431
|
|
|
|
|
127
|
|
Call-Driven Adjusted EBITDA1
|
|
|
|
$
|
2,526
|
|
|
|
$
|
(2,112
|
)
|
|
|
$
|
11,454
|
|
|
|
$
|
(6,679
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
|
$
|
242
|
|
|
|
$
|
395
|
|
|
|
$
|
21,822
|
|
|
|
$
|
(1,224
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
$
|
(776
|
)
|
|
|
$
|
(134
|
)
|
|
|
$
|
(5,452
|
)
|
|
|
$
|
(312
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Earnings (Loss) Per Share to Adjusted
Non-GAAP Earnings (Loss) Per Share
|
(in thousands, except per share data)
|
(unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
Adjusted Non-GAAP earnings (loss) per share from continuing
operations
|
|
|
|
$
|
0.03
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
0.13
|
|
|
|
$
|
(0.16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) from continuing operations applicable to common
stockholders - diluted (GAAP earnings (loss) per share)
|
|
|
|
$
|
0.03
|
|
|
|
$
|
(0.14
|
)
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(2.01
|
)
|
Shares used to calculate diluted net income (loss) from continuing
operations per share applicable to common stockholders
|
|
|
|
|
41,599
|
|
|
|
|
42,138
|
|
|
|
|
41,168
|
|
|
|
|
41,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) applicable to common stockholders
|
|
|
|
$
|
1,258
|
|
|
|
$
|
(5,744
|
)
|
|
|
$
|
26,684
|
|
|
|
$
|
(84,066
|
)
|
Stock-based compensation
|
|
|
|
|
2,215
|
|
|
|
|
2,937
|
|
|
|
|
10,024
|
|
|
|
|
10,183
|
|
Acquisition and disposition related costs
|
|
|
|
|
20
|
|
|
|
|
-
|
|
|
|
|
219
|
|
|
|
|
662
|
|
Impairment of goodwill
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
63,305
|
|
Gain on sale of Archeo assets
|
|
|
|
|
(1,496
|
)
|
|
|
|
-
|
|
|
|
|
(1,496
|
)
|
|
|
|
-
|
|
Interest expense and other, net
|
|
|
|
|
11
|
|
|
|
|
25
|
|
|
|
|
63
|
|
|
|
|
115
|
|
Dividends paid to participating securities
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
37
|
|
|
|
|
-
|
|
Discontinued operations, net of tax
|
|
|
|
|
(38
|
)
|
|
|
|
-
|
|
|
|
|
(27,318
|
)
|
|
|
|
-
|
|
Estimated impact of income taxes
|
|
|
|
|
(682
|
)
|
|
|
|
931
|
|
|
|
|
(2,863
|
)
|
|
|
|
3,273
|
|
Adjusted Non-GAAP net income (loss) from continuing operations
|
|
|
|
$
|
1,288
|
|
|
|
$
|
(1,851
|
)
|
|
|
$
|
5,350
|
|
|
|
$
|
(6,528
|
)
|
Adjusted Non-GAAP earnings (loss) per share from continuing
operations
|
|
|
|
$
|
0.03
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
0.13
|
|
|
|
$
|
(0.16
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to calculate diluted net income (loss) from continuing
operations per share applicable to common stockholders (GAAP)
|
|
|
|
|
41,599
|
|
|
|
|
42,138
|
|
|
|
|
41,168
|
|
|
|
|
41,740
|
|
Weighted average stock options and common shares subject to purchase
or cancellation (if applicable)
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
421
|
|
|
|
|
-
|
|
Diluted shares used to calculate Adjusted Non-GAAP earnings (loss)
per share 1
|
|
|
|
|
41,599
|
|
|
|
|
42,138
|
|
|
|
|
41,589
|
|
|
|
|
41,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
Q415
|
|
|
Q416
|
|
|
FY 2015
|
|
|
FY 2016
|
GAAP Revenue
|
|
|
|
$
|
34,900
|
|
|
$
|
28,401
|
|
|
|
$
|
143,013
|
|
|
$
|
129,547
|
|
Adjusted OIBA
|
|
|
|
$
|
1,986
|
|
|
$
|
(2,768
|
)
|
|
|
$
|
8,240
|
|
|
$
|
(9,747
|
)
|
Adjusted EBITDA
|
|
|
|
$
|
2,912
|
|
|
$
|
(2,030
|
)
|
|
|
$
|
11,885
|
|
|
$
|
(6,552
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALL-DRIVEN
|
|
|
|
Q415
|
|
|
Q416
|
|
|
FY 2015
|
|
|
FY 2016
|
GAAP Revenue
|
|
|
|
$
|
34,265
|
|
|
$
|
28,401
|
|
|
|
$
|
139,886
|
|
|
$
|
129,526
|
|
Adjusted OIBA
|
|
|
|
$
|
1,600
|
|
|
$
|
(2,850
|
)
|
|
|
$
|
7,809
|
|
|
$
|
(9,874
|
)
|
Adjusted EBITDA
|
|
|
|
$
|
2,526
|
|
|
$
|
(2,112
|
)
|
|
|
$
|
11,454
|
|
|
$
|
(6,679
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENTERPRISE REVENUE2
|
|
|
|
Q415
|
|
|
Q416
|
|
|
FY 2015
|
|
|
FY 2016
|
Call-Driven GAAP Revenue
|
|
|
|
$
|
34,265
|
|
|
$
|
28,401
|
|
|
|
$
|
139,886
|
|
|
$
|
129,526
|
|
Less: YP Revenue
|
|
|
|
$
|
8,963
|
|
|
$
|
6,031
|
|
|
|
$
|
40,210
|
|
|
$
|
29,388
|
|
Enterprise Revenue
|
|
|
|
$
|
25,302
|
|
|
$
|
22,370
|
|
|
|
$
|
99,676
|
|
|
$
|
100,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/20170216006264/en/
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|