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Share Name | Share Symbol | Market | Type |
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Marchex Inc | NASDAQ:MCHX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.38 | 1.21 | 1.48 | 0 | 09:16:49 |
Company Sees Strong Demand for Mobile, Call-Driven Products
Forecasts Record Call-Driven Revenue For 2014
Marchex, Inc. (NASDAQ:MCHX), a mobile advertising technology company, today announced its financial results for the fourth quarter and full year ended December 31, 2013.
“Marchex made significant strides in 2013 as we expanded our Call Analytics technology, won new clients and retained and grew important, existing relationships,” said Russell Horowitz, Chairman and CEO of Marchex. “Specifically, our Call Analytics platform connected and analyzed hundreds of millions of calls on behalf of our clients; we added new advertisers to our Call Marketplace and we grew our mobile distribution partner network. This progress builds a strong foundation for 2014 as we enter the year with product and business momentum.”
Q4 2013 Financial Highlights1
Full Year 2013 Consolidated Financial Results1
1 In July 2013, certain pay-per-click assets were sold. As a result, the financial results of these pay-per-click assets are presented as income (loss) from discontinued operations, net of tax in our consolidated statements of operations in accordance with GAAP, and are excluded from all other results unless otherwise noted.
2 Excludes domain sales recognized in GAAP revenue. In September 2013 upon the launch of its domain marketplace, the company commenced recognizing domain sales as revenue.
3 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.
Marchex Q4 and Recent Call-Driven Business Highlights:
Archeo Q4 Business Highlights:
Business Outlook
“Our business is being driven by our advertiser demand for mobile performance. Our Call-Driven products and investments are centered on unlocking this opportunity,” said Mike Arends, Chief Financial Officer of Marchex. “Given the relative size and importance of our Call-Driven products, we believe that focusing on these revenue and profitability measures is the most appropriate way to communicate our business progress and guidance going forward. While advertiser budgets can change and we can experience period-to-period variability based on a variety of factors, we are excited about the ongoing progress we are making in our business. Today we are forecasting accelerated Call-Driven revenue year-over-year growth of approximately 30% in the first quarter.”
The following forward-looking statements reflect Marchex's expectations as of February 19, 2014 and exclude any contribution from Archeo operations, domain sales and discontinued operations. Archeo operating results would be incremental and additive to our Call-Driven revenue, profitability, and other measures below:
Call-Driven financial guidance for the fiscal year ending December 31, 2014
Call-Driven Revenue $162 million or more Call-Driven Adjusted OIBA 1 $7.5 million or more Call Driven Adjusted EBITDA 1 $11.5 million or moreCall-Driven financial guidance for the First Quarter ending March 31, 2014
Call-Driven Revenue $40 million or more Call-Driven Adjusted OIBA 1 $1-$2 million Call-Driven Adjusted EBITDA 1 $2-$3 million1 These non-GAAP Call-Driven measures assign all Marchex indirect 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, February 19, 2014 to discuss its fourth quarter and year ended December 31, 2013 financial results, and other company updates. Access to the live webcast of the conference call will be available online from the Investors section of the 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 technology company. The company provides a suite of products and services for businesses that depend on consumer phone calls to drive sales. Marchex’s mobile advertising platform delivers new customer phone calls to businesses, while its technology analyzes the data in these calls to help maximize ad campaign results. Marchex disrupts traditional advertising models by giving businesses full transparency into their ad campaign performance and charging them based on new customer acquisition.
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, 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 19, 2014 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, Revenue excluding and including Domain Sales, and Adjusted OIBA and EBITDA excluding and including Domain Sales. Marchex also provides Call-Driven and Archeo Adjusted OIBA and EBITDA, and Adjusted non-GAAP EPS.
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 any gain/loss on sales and disposals of intangible assets for each asset and acquisition and separation related costs as these items are not indicative of Marchex’s recurring core operating results and any domain sales contribution. 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 or gain/loss such as stock-based compensation, amortization of intangible assets from acquisitions, acquisition and separation related costs, domain sales contribution and gain/loss on sales and disposals of intangible assets. Adjusted EBITDA represents income (loss) before interest, income taxes, depreciation, amortization, stock compensation expense, acquisition and separation related cost, domain sales contribution and gain/loss on sales and disposals of intangible assets. 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.
Revenue excluding Domain Sales represents GAAP revenue excluding domain sales sold through Marchex’s Domain Marketplace which are recognized in GAAP revenue. Revenue with Domain Sales represents GAAP revenue plus sales proceeds from the sale of intangible assets. Adjusted OIBA and EBITDA with Domain Sales includes the above descriptions of Adjusted OIBA and EBITDA plus any domain sales contribution and gain/loss on sales and disposals of intangible assets. Call-Driven Adjusted OIBA and EBITDA includes the above descriptions of Adjusted OIBA and EBITDA for the Call-Driven segment. The Call-Driven Adjusted OIBA and EBITDA assigns all Marchex indirect overhead costs to the Call-Driven results. Archeo non-GAAP Measures include the measures above for the Archeo segment. Financial analysts and investors may use the non-GAAP historical Revenue with Domain Sales, Adjusted OIBA and EBITDA with Domain Sales to help with comparative financial evaluation to make informed investment decisions.
Adjusted non-GAAP EPS 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) amortization of intangible assets from acquisitions, (3) domain sales contribution and gain/loss on sales and disposals of intangible assets and domain sales contribution, (4) acquisition and separation related costs, (5) interest and other income (expense), (6) discontinued operations and gain on sale of discontinued operations, net of tax and (7) dividends paid to participating securities, and also excludes the effect of the tax valuation allowance. 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 December 31, 2012 2013 Revenue $ 32,436 $ 39,680 Expenses: Service costs (1) 19,099 23,833 Sales and marketing (1) 2,563 2,832 Product development (1) 5,963 6,760 General and administrative (1) 5,557 4,382 Amortization of intangible assets from acquisitions 1,054 426 Acquisition and separation related costs 589 (62 ) Total operating expenses 34,825 38,171 Impairment of goodwill (15,837 ) - Gain on sales and disposals of intangible assets, net 862 35 Income (loss) from operations (17,364 ) 1,544 Interest expense and other, net (20 ) 11 Income (loss) from continuing operations before provision for income taxes (17,384 ) 1,555 Income tax expense 16,108 958 Net income (loss) from continuing operations (33,492 ) 597 Discontinued operations: Income (loss) from discontinued operations, net of tax (843 ) 7 Gain on sale from discontinued operations, net of tax - 1 Discontinued operations, net of tax (843 ) 8 Net income (loss) (34,335 ) 605 Dividends paid to participating securities (394 ) - Net income (loss) applicable to common stockholders $ (34,729 ) $ 605 Basic and diluted net income (loss) per Class A share applicable to common stockholders: Continuing operations $ (1.00 ) $ 0.02 Discontinued operations, net of tax (0.02 ) 0.00 Basic and diluted net income (loss) per Class A share applicable to common stockholders $ (1.02 ) $ 0.02 Basic net income (loss) per Class B share applicable to common stockholders: Continuing operations $ (0.99 ) $ 0.02 Discontinued operations, net of tax (0.02 ) 0.00 Basic net income (loss) per Class B share applicable to common stockholders: $ (1.01 ) $ 0.02 Diluted net income (loss) per Class B share applicable to common stockholders: Continuing operations $ (1.00 ) $ 0.02 Discontinued operations, net of tax (0.02 ) 0.00 Diluted net income (loss) per Class B share applicable to common stockholders: $ (1.02 ) $ 0.02 Dividends paid per share $ 0.18 $ - Shares used to calculate basic net income (loss) per share applicable to common stockholders Class A 9,570 7,770 Class B 24,642 28,371 Shares used to calculate diluted net income (loss) per share applicable to common stockholders Class A 9,570 7,770 Class B 34,212 38,713 (1) Includes stock-based compensation allocated as follows: Service costs $ 325 $ 362 Sales and marketing 20 171 Product development 178 508 General and administrative 2,720 1,321 Total $ 3,243 $ 2,362 MARCHEX, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Twelve Months Ended December 31, 2012 2013 Revenue $ 132,794 $ 152,550 Expenses: Service costs (1) 75,920 91,858 Sales and marketing (1) 13,057 11,182 Product development (1) 23,200 27,346 General and administrative (1) 22,838 19,385 Amortization of intangible assets from acquisitions 4,728 2,926 Acquisition and separation related costs 753 878 Total operating expenses 140,496 153,575 Impairment of goodwill (15,837 ) - Gain on sales and disposals of intangible assets, net 6,296 3,774 Income (loss) from operations (17,243 ) 2,749 Interest expense and other, net (449 ) (37 ) Income (loss) from continuing operations before provision for income taxes (17,692 ) 2,712 Income tax expense 16,566 1,755 Net income (loss) from continuing operations (34,258 ) 957 Discontinued operations: Loss from discontinued operations, net of tax (938 ) (70 ) Gain on sale from discontinued operations, net of tax - 930 Discontinued operations, net of tax (938 ) 860 Net income (loss) (35,196 ) 1,817 Dividends paid to participating securities (657 ) - Net income (loss) applicable to common stockholders $ (35,853 ) $ 1,817 Basic and diluted net income (loss) per Class A share applicable to common stockholders: Continuing operations $ (1.03 ) $ 0.03 Discontinued operations, net of tax (0.03 ) 0.02 Basic and diluted net income (loss) per Class A share applicable to common stockholders $ (1.06 ) $ 0.05 Basic and diluted net income (loss) per Class B share applicable to common stockholders: Continuing operations $ (1.02 ) $ 0.03 Discontinued operations, net of tax (0.03 ) 0.02 Basic and diluted net income (loss) per Class A share applicable to common stockholders $ (1.05 ) $ 0.05 Dividends paid per share $ 0.25 $ - Shares used to calculate basic net income (loss) per share applicable to common stockholders Class A 9,574 8,816 Class B 24,412 26,798 Shares used to calculate diluted net income (loss) per share applicable to common stockholders Class A 9,574 8,816 Class B 33,986 36,999 (1) Includes stock-based compensation allocated as follows: Service costs $ 1,869 $ 1,180 Sales and marketing 2,029 645 Product development 1,038 1,635 General and administrative 10,702 5,777 Total $ 15,638 $ 9,237 MARCHEX, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, Assets 2012 2013 Current assets: Cash and cash equivalents $ 15,930 $ 30,912 Accounts receivable, net 25,988 30,005 Prepaid expenses and other current assets 2,667 2,943 Refundable taxes 264 97 Deferred tax assets 830 1,016 Total current assets 45,679 64,973 Property and equipment, net 6,005 5,440 Deferred tax assets 27,677 25,446 Intangibles and other assets, net 611 484 Goodwill 65,815 65,679 Intangible assets from acquisitions, net 3,360 434 Total Assets $ 149,147 $ 162,456 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 12,378 $ 15,922 Accrued expenses and other current liabilities 9,609 7,988 Deferred revenue 2,009 1,388 Total current liabilities 23,996 25,298 Other non-current liabilities 2,216 2,095 Total Liabilities 26,212 27,393 Class A common stock 98 80 Class B common stock 284 309 Treasury stock (13 ) (2 ) Additional paid-in capital 295,532 305,825 Accumulated deficit (172,966 ) (171,149 ) Total Stockholders' Equity 122,935 135,063 Total Liabilities and Stockholders' Equity $ 149,147 $ 162,456 MARCHEX, INC. AND SUBSIDIARIES Reconciliation of GAAP Income (Loss) from Operations to Operating Income Before Amortization (OIBA) and Adjusted Operating Income Before Amortization (Adjusted OIBA) (in thousands) (unaudited) Three Months Ended December 31, 2012 2013 Income (loss) from operations $ (17,364 ) $ 1,544 Stock-based compensation 3,243 2,362 Amortization of intangible assets from acquisitions 1,054 426 Operating income before amortization (OIBA) (13,067 ) 4,332 Acquisition and separation related costs 589 (62 ) Impairment of goodwill 15,837 - Domain sales contribution - (1,549 ) Gain on sales and disposals of intangible assets, net (862 ) (35 ) Adjusted operating income before amortization (Adjusted OIBA) $ 2,497 $ 2,686 Twelve Months Ended December 31, 2012 2013 Income (loss) from operations $ (17,243 ) $ 2,749 Stock-based compensation 15,638 9,237 Amortization of intangible assets from acquisitions 4,728 2,926 Operating income before amortization (OIBA) 3,123 14,912 Acquisition and separation related costs 753 878 Impairment of goodwill 15,837 - Domain sales contribution - (2,388 ) Gain on sales and disposals of intangible assets, net (6,296 ) (3,774 ) Adjusted operating income before amortization (Adjusted OIBA) $ 13,417 $ 9,628 MARCHEX, INC. AND SUBSIDIARIES Reconciliation from Net Cash provided by Operating Activities to Adjusted EBITDA (in thousands) (unaudited) Three Months Ended December 31, 2012 2013 Net cash provided by operating activities $ 4,311 $ 6,109 Changes in asset and liabilities (17,696 ) (1,636 ) Income tax expense 16,108 958 Separation related costs 589 - Interest expense and other, net 19 (14 ) Less: Domain sales contribution - (1,549 ) Discontinued operations, net of tax (73 ) (7 ) Excess tax benefits related to stock compensation 146 (209 ) Adjusted EBITDA $ 3,404 $ 3,652 Net cash provided by (used in) investing activities $ 197 $ (549 ) Net cash provided by (used in) financing activities $ (24,112 ) $ 202 Twelve Months Ended December 31, 2012 2013 Net cash provided by operating activities $ 19,901 $ 13,596 Changes in asset and liabilities (20,580 ) (1,154 ) Income tax expense 16,566 1,755 Separation related costs 885 940 Interest expense and other, net 88 30 Less: Domain sales contribution - (2,388 ) Discontinued operations, net of tax (24 ) 42 Tax effect on gain on sale of discontinued operations - 563 Excess tax benefits related to stock compensation 308 - Adjusted EBITDA $ 17,144 $ 13,384 Net cash provided by investing activities $ 3,320 $ 1,647 Net cash used in financing activities $ (44,734 ) $ (261 ) Certain reclassifications have been made to prior periods to conform to current period presentation. MARCHEX, INC. AND SUBSIDIARIES Reconciliation of GAAP EPS to Adjusted Non-GAAP EPS (in thousands, except per share data) (unaudited) Three Months Ended December 31, 2012 2013 Adjusted Non-GAAP EPS from continuing operations $ 0.05 $ 0.04 Net income (loss) from continuing operations applicable to common stockholders - diluted (GAAP EPS) $ (1.00 ) $ 0.02 Shares used to calculate diluted net income (loss) per share applicable to common stockholders 34,212 38,713 Net income (loss) applicable to common stockholders $ (34,729 ) $ 605 Stock-based compensation 3,243 2,362 Acquisition and separation related costs 589 (62 ) Impairment of goodwill 15,837 - Amortization of intangible assets from acquisitions 1,054 426 Gain on sales and disposals of intangible assets, net (862 ) (35 ) Domain sales contribution - (1,549 ) Interest expense and other, net 20 (11 ) Dividends paid to participating securities 394 - Tax valuation allowance 16,400 - Discontinued operations, net of tax 843 (8 ) Estimated impact of income taxes (1,170 ) (69 ) Adjusted Non-GAAP net income from continuing operations $ 1,619 $ 1,659 Adjusted Non-GAAP EPS from continuing operations $ 0.05 $ 0.04 Shares used to calculate diluted net income (loss) per share applicable to common stockholders 34,212 38,713 Weighted average stock options and common shares subject to purchase or cancellation (if applicable) 1,523 - Diluted shares used to calculate Adjusted Non-GAAP EPS (1) 35,735 38,713(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 Reconciliation of GAAP EPS to Adjusted Non-GAAP EPS (in thousands, except per share data) (unaudited) Twelve Months Ended December 31, 2012 2013 Adjusted Non-GAAP EPS $ 0.25 $ 0.17 Net income (loss) from continuing operations per share applicable to common stockholders - diluted (GAAP EPS) $ (1.03 ) $ 0.03 Shares used to calculate diluted net income (loss) per share applicable to common stockholders 33,986 36,999 Net income (loss) applicable to common stockholders $ (35,853 ) $ 1,817 Stock-based compensation 15,638 9,237 Acquisition and separation related costs 753 878 Impairment of goodwill 15,837 - Amortization of intangible assets from acquisitions 4,728 2,926 Gain on sales and disposals of intangible assets, net (6,296 ) (3,774 ) Domain sales contribution - (2,388 ) Interest expense and other, net 449 37 Dividends paid to participating securities 657 - Tax valuation allowance 16,400 651 Discontinued operations, net of tax 938 (860 ) Estimated impact of income taxes (4,544 ) (2,268 ) Adjusted Non-GAAP net income from continuing operations $ 8,707 $ 6,256 Adjusted Non-GAAP EPS from continuing operations $ 0.25 $ 0.17 Shares used to calculate diluted net income (loss) per share applicable to common stockholders 33,986 36,999 Weighted average stock options and common shares subject to purchase or cancellation (if applicable) 1,377 - Diluted shares used to calculate Adjusted Non-GAAP EPS (1) 35,363 36,999 (1) For the purpose of computing the number of diluted shares for 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
(in thousands) (unaudited) Reconciliation of GAAP Income (Loss) from Operations to Operating Income before Amortization (OIBA) and Adjusted Operating Income Before Amortization (Adjusted OIBA) 3 months ended 12 months ended 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 12/31/2012 12/31/2013 Income (loss) from operations $ (616 ) $ 1,158 $ (421 ) $ (17,364 ) $ 297 $ (98 ) $ 1,006 $ 1,544 $ (17,243 ) $ 2,749 Stock-based compensation 3,891 4,802 3,702 3,243 1,907 2,603 2,365 2,362 15,638 9,237 Amortization of intangible assets from acquisitions 1,537 1,082 1,055 1,054 1,055 736 709 426 4,728 2,926 Operating income before amortization (OIBA) 4,812 7,042 4,336 (13,067 ) 3,259 3,241 4,080 4,332 3,123 14,912 Acquisition and separation related costs (132 ) - 296 589 345 309 286 (62 ) 753 878 Impairment of goodwill - - - 15,837 - - - - 15,837 - Domain sales contribution - - - - - - (839 ) (1,549 ) - (2,388 ) Gain on sales and disposals of intangible assets, net (1,463 ) (3,258 ) (713 ) (862 ) (1,362 ) (1,330 ) (1,047 ) (35 ) (6,296 ) (3,774 ) Adjusted operating income before amortization (Adjusted OIBA) $ 3,217 $ 3,784 $ 3,919 $ 2,497 $ 2,242 $ 2,220 $ 2,480 $ 2,686 $ 13,417 $ 9,628 Reconciliation from Net Cash provided by Operating Activities to Adjusted EBITDA 3 months ended 12 months ended 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 12/31/2012 12/31/2013 Net cash provided by operating activities $ 3,954 $ 7,980 $ 3,656 $ 4,311 $ 2,141 $ 1,014 $ 4,332 $ 6,109 $ 19,901 $ 13,596 Changes in asset and liabilities 302 (3,997 ) 811 (17,696 ) 463 1,393 (1,374 ) (1,636 ) (20,580 ) (1,154 ) Income tax expense (benefit) (88 ) 595 (49 ) 16,108 165 243 389 958 16,566 1,755 Separation related costs - - 296 589 345 309 286 - 885 940 Less: Domain sales contribution - - - - - - (839 ) (1,549 ) - (2,388 ) Discontinued operations, net of tax (27 ) 38 38 (73 ) 17 (11 ) 43 (7 ) (24 ) 42 Tax effect of gain on sale of discontinued operations - - - - - - 563 - - 563 Interest expense and other, net 19 22 28 19 17 12 15 (14 ) 88 30 Excess tax benefits related to stock compensation 97 23 42 146 7 189 13 (209 ) 308 - Adjusted EBITDA $ 4,257 $ 4,661 $ 4,822 $ 3,404 $ 3,155 $ 3,149 $ 3,428 $ 3,652 $ 17,144 $ 13,384 Net cash provided by (used in) investing activities $ 1,194 $ 2,032 $ (103 ) $ 197 $ 512 $ 449 $ 1,235 $ (549 ) $ 3,320 $ 1,647 Net cash provided by (used in) financing activities $ (1,296 ) $ (17,734 ) $ (1,592 ) $ (24,112 ) $ (1,484 ) $ 179 $ 842 $ 202 $ (44,734 ) $ (261 ) Certain reclassifications have been made to prior periods to conform to current period presentation and to exclude the results from discontinued operations. Due to rounding, the sum of quarterly amounts may not equal amounts reported for year-to-date periods. MARCHEX, INC. AND SUBSIDIARIES Quarterly Financial Summary Information (in thousands) NON-GAAP MEASURES Amounts below exclude Domain Sales and Discontinued Operations CONSOLIDATED Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Non-GAAP Revenue $ 33,835 $ 32,832 $ 33,691 $ 32,436 $ 34,732 $ 37,578 $ 39,661 $ 38,124 Adjusted OIBA $ 3,217 $ 3,784 $ 3,919 $ 2,497 $ 2,242 $ 2,220 $ 2,480 $ 2,686 Adjusted EBITDA $ 4,257 $ 4,661 $ 4,822 $ 3,404 $ 3,155 $ 3,149 $ 3,428 $ 3,652 CALL-DRIVEN AND OTHER Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 GAAP Revenue $ 26,651 $ 27,497 $ 29,269 $ 28,469 $ 31,108 $ 33,893 $ 35,668 $ 34,457 Adjusted OIBA $ 188 $ 1,530 $ 2,215 $ 1,158 $ 1,371 $ 1,508 $ 1,693 $ 1,725 Adjusted EBITDA $ 980 $ 2,319 $ 3,064 $ 2,016 $ 2,247 $ 2,400 $ 2,598 $ 2,618 ARCHEO Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Non-GAAP Revenue $ 7,184 $ 5,335 $ 4,422 $ 3,967 $ 3,624 $ 3,685 $ 3,993 $ 3,667 Adjusted OIBA $ 3,029 $ 2,254 $ 1,704 $ 1,339 $ 871 $ 712 $ 787 $ 961 Adjusted EBITDA $ 3,277 $ 2,342 $ 1,758 $ 1,388 $ 908 $ 749 $ 830 $ 1,034 Certain reclassifications have been made to prior periods to conform to current period presentation and to exclude the results from discontinued operations. Due to rounding, the sum of quarterly amounts may not equal amounts reported for year-to-date periods. MARCHEX, INC. AND SUBSIDIARIES Financial Summary by Segment (in thousands) (unaudited) Three months ended Twelve months ended 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 12/30/2012 12/31/2013 Marchex - consolidated4 Revenue - GAAP $ 33,835 $ 32,832 $ 33,691 $ 32,436 $ 34,732 $ 37,578 $ 40,560 $ 39,680 $ 132,794 $ 152,550 Revenue excluding Domain Sales2 $ 33,835 $ 32,832 $ 33,691 $ 32,436 $ 34,732 $ 37,578 $ 39,661 $ 38,124 $ 132,794 $ 150,095 Revenue with Domain Sales3 $ 35,309 $ 36,101 $ 34,404 $ 33,298 $ 36,094 $ 38,908 $ 41,607 $ 39,715 $ 139,112 $ 156,324 Adjusted OIBA excluding Domain Sales2 $ 3,217 $ 3,784 $ 3,919 $ 2,497 $ 2,242 $ 2,220 $ 2,480 $ 2,686 $ 13,417 $ 9,628 Adjusted OIBA with Domain Sales3 $ 4,680 $ 7,042 $ 4,632 $ 3,359 $ 3,604 $ 3,550 $ 4,366 $ 4,270 $ 19,713 $ 15,790 Adjusted EBITDA excluding Domain Sales2 $ 4,257 $ 4,661 $ 4,822 $ 3,404 $ 3,155 $ 3,149 $ 3,428 $ 3,652 $ 17,144 $ 13,384 Adjusted EBITDA with Domain Sales3 $ 5,720 $ 7,919 $ 5,535 $ 4,266 $ 4,517 $ 4,479 $ 5,314 $ 5,236 $ 23,440 $ 19,546 Call-Driven and Other1 Revenue $ 26,651 $ 27,497 $ 29,269 $ 28,469 $ 31,108 $ 33,893 $ 35,668 $ 34,457 $ 111,886 $ 135,126 Adjusted OIBA $ 188 $ 1,530 $ 2,215 $ 1,158 $ 1,371 $ 1,508 $ 1,693 $ 1,725 $ 5,091 $ 6,297 Adjusted EBITDA $ 980 $ 2,319 $ 3,064 $ 2,016 $ 2,247 $ 2,400 $ 2,598 $ 2,618 $ 8,379 $ 9,863 Archeo1,4 Revenue $ 7,184 $ 5,335 $ 4,422 $ 3,967 $ 3,624 $ 3,685 $ 4,892 $ 5,223 $ 20,908 $ 17,424 Revenue excluding Domain Sales2 $ 7,184 $ 5,335 $ 4,422 $ 3,967 $ 3,624 $ 3,685 $ 3,993 $ 3,667 $ 20,908 $ 14,969 Revenue with Domain Sales3 $ 8,658 $ 8,604 $ 5,135 $ 4,829 $ 4,986 $ 5,015 $ 5,939 $ 5,258 $ 27,226 $ 21,198 Adjusted OIBA excluding Domain Sales2 $ 3,029 $ 2,254 $ 1,704 $ 1,339 $ 871 $ 712 $ 787 $ 961 $ 8,326 $ 3,331 Adjusted OIBA with Domain Sales3 $ 4,492 $ 5,512 $ 2,417 $ 2,201 $ 2,233 $ 2,042 $ 2,673 $ 2,545 $ 14,622 $ 9,493 Adjusted EBITDA excluding Domain Sales2 $ 3,277 $ 2,342 $ 1,758 $ 1,388 $ 908 $ 749 $ 830 $ 1,034 $ 8,765 $ 3,521 Adjusted EBITDA with Domain Sales3 $ 4,740 $ 5,600 $ 2,471 $ 2,250 $ 2,270 $ 2,079 $ 2,716 $ 2,618 $ 15,061 $ 9,6831
The financial results for Call-Driven and Archeo are preliminary and have been derived from the unaudited condensed consolidated financial statements of Marchex, Inc. for all periods presented. Corporate overhead expenses have been reallocated in prior periods to conform to current period presentation. The unaudited Call-Driven financial results include certain direct operating expenses and general corporate overhead expenses in all periods presented. The unaudited Archeo financial results include direct operating expenses for all periods presented.
2
In September 2013, Marchex announced and launched its Domains Marketplace and through it, commenced buying and selling of domains. Domain sales occurring after this date are included in revenue and related cost in service cost. Prior to this date, domain sales were recognized in gain on sales and disposals of intangible assets in the unaudited condensed consolidated financial statements.
3
Includes all domain sales recognized in gain on sales and disposals of intangible assets and in revenue and service costs.
4
Amounts presented exclude results of discontinued operations. Operating results of discontinued operations relate to certain pay-per-click assets sold in July 2013 and are included in discontinued operations, net of tax in the unaudited condensed consolidated financial statements.
Certain reclassifications have been made to prior periods to conform to current period presentation and to exclude the results from discontinued operations.
Due to rounding, the sum of quarterly amounts may not equal amounts reported for year-to-date periods.
MARCHEX, INC. AND SUBSIDIARIES Reconciliation to Reported Financial and Non-GAAP Information (in thousands) (unaudited) Three months ended Twelve months ended 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 12/31/2012 12/31/2013 Revenue5 Consolidated - GAAP $ 33,835 $ 32,832 $ 33,691 $ 32,436 $ 34,732 $ 37,578 $ 40,560 $ 39,680 $ 132,794 $ 152,550 Less: Domain sales recognized in revenue2 - - - - - - 899 1,556 - 2,455 Consolidated excluding Domain Sales1 $ 33,835 $ 32,832 $ 33,691 $ 32,436 $ 34,732 $ 37,578 $ 39,661 $ 38,124 $ 132,794 $ 150,095 Add: Domain sales recognized in revenue4 - - - - - - 899 1,556 - 2,455 Add: Domain Sales1 1,474 3,269 713 862 1,362 1,330 1,047 35 6,318 3,774 Consolidated with Domain Sales1 35,309 36,101 34,404 33,298 36,094 38,908 41,607 39,715 139,112 156,324 Less: Archeo including Domain Sales3 8,658 8,604 5,135 4,829 4,986 5,015 5,939 5,258 27,226 21,198 Other 181 175 174 180 171 162 131 99 710 563 Call-Driven3 $ 26,470 $ 27,322 $ 29,095 $ 28,289 $ 30,937 $ 33,731 $ 35,537 $ 34,358 $ 111,176 $ 134,563 Adjusted operating income3,5 Consolidated $ 3,217 $ 3,784 $ 3,919 $ 2,497 $ 2,242 $ 2,220 $ 2,480 $ 2,686 $ 13,417 $ 9,628 Add: Gain on Domain Sales and Domain Sales Contribution6 1,463 3,258 713 862 1,362 1,330 1,886 1,584 6,296 6,162 Consolidated with Domain Sales 4,680 7,042 4,632 3,359 3,604 3,550 4,366 4,270 19,713 15,790 Less: Archeo including Domain Sales3 4,492 5,512 2,417 2,201 2,233 2,042 2,673 2,545 14,622 9,493 Other 71 116 104 105 106 86 75 59 396 326 Call-Driven3 $ 117 $ 1,414 $ 2,111 $ 1,053 $ 1,265 $ 1,422 $ 1,618 $ 1,666 $ 4,695 $ 5,971 Adjusted EBITDA4,5 Consolidated $ 4,257 $ 4,661 $ 4,822 $ 3,404 $ 3,155 $ 3,149 $ 3,428 $ 3,652 $ 17,144 $ 13,384 Add: Gain on Domain Sales and Domain Sales Contribution6 1,463 3,258 713 862 1,362 1,330 1,886 1,584 6,296 6,162 Consolidated with Domain Sales 5,720 7,919 5,535 4,266 4,517 4,479 5,314 5,236 23,440 19,546 Less: Archeo including Domain Sales3 4,740 5,600 2,471 2,250 2,270 2,079 2,716 2,618 15,061 9,683 Other 71 116 104 105 106 86 75 59 396 326 Call-Driven3 $ 909 $ 2,203 $ 2,960 $ 1,911 $ 2,141 $ 2,314 $ 2,523 $ 2,559 $ 7,982 $ 9,537 1 These are non-GAAP measures of financial results which are adjusted for sales proceeds from sales of intangible assets and/or domain sales recognized as revenue. 2 In September 2013, Marchex announced and launched its Domains Marketplace and through it, commenced buying and selling of domains. Domain sales occurring after this date are included in revenue and related cost in service cost. Prior to this date, domain sales were recognized in gain on sales and disposals of intangible assets in the unaudited condensed consolidated financial statements. 3 The financial results for Call-Driven and Archeo are preliminary and have been derived from the unaudited condensed consolidated financial statements of Marchex, Inc. for all periods presented. Corporate overhead expenses have been reallocated in prior periods to conform to current period presentation. The unaudited Call-Driven financial results include certain direct operating expenses and general corporate overhead expenses in all periods presented. The unaudited Archeo financial results include direct operating expenses for all periods presented. 4 These are non-GAAP measures of operating results and liquidity. These non-GAAP measures are adjusted for net gains from sales of intangible assets, direct contribution of domain sales sold through Marchex's Domains Marketplace. 5 Amounts presented exclude results of discontinued operations. Financial results of discontinued operations related to certain pay-per-click assets sold in July 2013 and are included in discontinued operations, net of tax in the unaudited condensed consolidated financial statements. 6 Includes net gains from sales of intangible assets and direct contribution of domain sales sold through Marchex's Domains Marketplace. Certain reclassifications have been made to prior periods to conform to current period presentation and to exclude the results from discontinued operations. Due to rounding, the sum of quarterly amounts may not equal amounts reported for year-to-date periods.
Marchex Investor RelationsTrevor Caldwell, 206-331-3600Email: ir(at)marchex.comOrMEDIA INQUIRIESMarchex Corporate CommunicationsSonia Krishnan, 206-331-3434Email: skrishnan(at)marchex.com
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