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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% | 1.36 | 1.31 | 1.52 | 1.39 | 1.3621 | 1.39 | 6,033 | 01:00:00 |
Marchex, Inc. (NASDAQ:MCHX), a leading mobile advertising analytics company, today announced its financial results for the fourth quarter and full year ended December 31, 2015.
"In 2015, we focused our entire company toward one opportunity: to provide global brands extraordinary insights into the mobile consumer journey by uniting the physical and digital worlds,” said Pete Christothoulou, CEO. “We exited the year as the most innovative analytics company, trusted by the world’s largest brands, to measure and connect digital media to offline sales. I’m excited about the team we are building and what we plan to accomplish in 2016.”
Q4 2015 Financial Highlights1
Q4 2015 Other Financial Highlights
Full Year 2015 Financial Highlights1
1In December 2015, the Company sold its remaining Archeo assets. The financial results of this disposition are included in continuing operations in our consolidated statements of operations. The Company had previously sold certain Archeo domain name and related assets in April 2015 and certain pay-per-click assets in July 2013. The financial results of these prior dispositions are presented as 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.
2Reconciliations 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.
2015 Business Highlights
Marchex removed several of the divergent priorities in the business, including selling non-core assets. It moved aggressively to build new partnerships with leading global brands and agencies, strengthened its team and launched groundbreaking products that solve many of the mobile advertising problems clients are facing. The following highlights selected points of progress throughout the year:
Strategic Focus and Growth
International Expansion
Global Partnership Additions
Product Innovation
Marchex accelerated its analytics product momentum in 2015 announcing the following innovations:
Leadership Additions
2016 Business Outlook
The following forward-looking statements reflect Marchex's expectations as of February 18, 2016. In 2016, the company’s strategic priorities include:
The following financial guidance includes expectation of an incremental annual investment in sales and marketing, and related costs of more than $6 million for 2016 designed to capitalize on the company’s product, international and agency growth initiatives. The company expects the incremental investments to disproportionately impact the first half.
Total Call-Driven financial guidance for the First Quarter ending March 31, 2016
Call-Driven Revenue Including YP $35 million or more Call-Driven Adjusted OIBA3 a loss of ($0.5) million to a loss of ($2.5) million Call-Driven Adjusted EBITDA3 $0.5 million to a loss of ($1.5) millionCall-Driven financial guidance excluding YP for the year ending December 31, 2016
Call-Driven Revenue Excluding YP3 $117 million or more3Reconciliations 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 Thursday, February 18, 2016 to discuss its fourth quarter and full year ended December 31, 2015 financial results, and other company updates. Access to the live webcast of the conference call will be available online from the Investors section of Marchex’s website at www.marchex.com. An archived version of the webcast will also be available at the same location, beginning two hours after completion of the call.
About Marchex
Marchex is a mobile advertising analytics company that connects online behavior to real-world, offline actions. By linking critical touchpoints in the customer journey, Marchex’s products enable a 360-degree view of marketing effectiveness. Brands and agencies utilize Marchex’s products to transform business performance.
Please visit www.marchex.com, 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 18, 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 EPS and Call-Driven and Archeo Adjusted OIBA and EBITDA. Additionally, Marchex also provides Call-Driven and Archeo Revenue excluding revenue generated from our contracts with Yellowpages.com LLC (“YP”).
OIBA represents income (loss) from operations plus (1) stock-based compensation expense and (2) amortization of intangible assets from acquisitions. This measure, among other things, is one of the primary metrics by which Marchex evaluates the performance of its business. Additionally, Marchex's management uses Adjusted OIBA, which excludes acquisition and disposition related costs, and gain on sale of Archeo assets, 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, amortization of intangible assets from acquisitions, acquisition and disposition related costs, and gain on sale of Archeo assets. Adjusted EBITDA represents income before interest, income taxes, depreciation, amortization, stock compensation expense, acquisition and disposition related costs, and gain on sale of Archeo 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.
Call-Driven Adjusted OIBA and EBITDA include the above descriptions of Adjusted OIBA and EBITDA for the Call-Driven segment. The Call-Driven Adjusted OIBA and EBITDA assign all Marchex general corporate overhead costs to the Call-Driven results. Archeo Adjusted OIBA and EBITDA include the above descriptions of Adjusted OIBA and EBITDA for the Archeo segment. Call-Driven and Archeo Revenue excluding YP excludes revenue generated through our contracts with YP. Financial analysts and investors may use Adjusted OIBA and EBITDA and Revenue excluding YP to help with comparative financial evaluation to make informed investment decisions. Adjusted non-GAAP EPS represents Adjusted non-GAAP net income applicable to common stockholders divided by GAAP diluted shares outstanding. Adjusted non-GAAP net income applicable to common stockholders generally captures those items on the statement of operations that have been, or ultimately will be, settled in cash exclusive of certain items that are not indicative of Marchex’s recurring core operating results and represents net income applicable to common stockholders plus the net of tax effects of: (1) stock-based compensation expense, (2) amortization of intangible assets from acquisitions, (3) acquisition and disposition related costs, (4) interest and other income (expense), (5) discontinued operations, net of tax, (6) dividends paid to participating securities, and (7) gain on sale of Archeo assets. 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 Twelve Months EndedDecember 31,
December 31, 2014 2015 2014 2015 Revenue $ 31,227 $ 34,900 $ 173,601 $ 143,013 Expenses: Service costs (1) 17,033 19,601 111,259 78,767 Sales and marketing (1) 2,960 4,493 11,719 16,462 Product development (1) 6,962 7,450 29,561 31,058 General and administrative (1) 4,791 3,585 20,918 18,510 Amortization of intangible assets from acquisitions - - 434 - Acquisition and disposition related costs - 20 (68 ) 219 Total operating expenses 31,746 35,149 173,823 145,016 Gain on sale of Archeo assets - 1,496 - 1,496 Income (loss) from operations (519 ) 1,247 (222 ) (507 ) Interest expense and other, net (19 ) (11 ) (62 ) (63 ) Income (loss) from continuing operations before provision for income taxes (538 ) 1,236 (284 ) (570 ) Income tax expense (benefit) (392 ) 16 22,509 27 Net Income (loss) from continuing operations (146 ) 1,220 (22,793 ) (597 ) Discontinued operations: Income from discontinued operations, net of tax 716 38 3,425 5,123 Gain on sale from discontinued operations, net of tax - - 278 22,195 Discontinued operations, net of tax 716 38 3,703 27,318 Net income (loss) 570 1,258 (19,090 ) 26,721 Dividends paid to participating securities (28 ) - (127 ) (37 ) Net income (loss) applicable to common stockholders $ 542 $ 1,258 $ (19,217 ) $ 26,684 Basic and diluted net income (loss) per Class A and Class B share applicable to common stockholders: Continuing operations $ (0.00 ) $ 0.03 $ (0.57 ) $ (0.01 ) Discontinued operations, net of tax $ 0.01 $ 0.00 $ 0.09 $ 0.66 Basic and diluted net income (loss) per Class A and Class B share applicable to common stockholders $ 0.01 $ 0.03 $ (0.48 ) $ 0.65 Dividends paid per share $ 0.02 $ - $ 0.08 $ 0.04 Shares used to calculate basic net income (loss) per share applicable to common stockholders Class A 5,233 5,233 5,853 5,233 Class B 35,969 35,804 34,157 35,935 Shares used to calculate diluted net income (loss) per share applicable to common stockholders Class A 5,233 5,233 5,853 5,233 Class B 41,202 41,599 40,010 41,168 (1 ) Includes stock-based compensation allocated as follows: Service costs $ 363 $ 143 $ 1,373 $ 1,189 Sales and marketing 230 414 888 1,307 Product development 578 567 2,595 2,410 General and administrative 1,704 1,091 7,032 5,118 Total $ 2,875 $ 2,215 $ 11,888 $ 10,024 MARCHEX, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, Assets 2014 2015 Current assets: Cash and cash equivalents $ 80,032 $ 109,155 Accounts receivable, net 25,941 24,621 Prepaid expenses and other current assets 3,143 1,784 Refundable taxes 131 127 Total current assets 109,247 135,687 Property and equipment, net 5,430 5,778 Intangibles and other assets, net 313 222 Goodwill 65,679 63,305 Total Assets $ 180,669 $ 204,992 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 13,766 $ 9,460 Accrued expenses and other current liabilities 7,515 6,712 Deferred revenue 2,117 692 Total current liabilities 23,398 16,864 Other non-current liabilities 1,118 662 Total Liabilities 24,516 17,526 Class A common stock 55 55 Class B common stock 373 368 Treasury stock (2,503 ) (238 ) Additional paid-in capital 348,467 350,799 Accumulated deficit (190,239 ) (163,518 ) Total Stockholders' Equity 156,153 187,466 $ 180,669 $ 204,992 MARCHEX, INC. AND SUBSIDIARIES (in thousands) (unaudited) Reconciliation of GAAP Income (loss) from Operations to Operating Income Before Amortization (OIBA) and Adjusted Operating Income Before Amortization (Adjusted OIBA) Three Months Ended Twelve Months Ended December 31, December 31, 2014 2015 2014 2015 Income (loss) from operations $ (519 ) $ 1,247 $ (222 ) $ (507 ) Stock-based compensation 2,875 2,215 11,888 10,024 Amortization of intangible assets from acquisitions - - 434 - Operating income before amortization (OIBA) 2,356 3,462 12,100 9,517 Acquisition and disposition related costs - 20 (68 ) 219 Gain on sale of Archeo assets - (1,496 ) - (1,496 ) Adjusted operating income before amortization (Adjusted OIBA) $ 2,356 $ 1,986 $ 12,032 $ 8,240 Reconciliation from Net Cash provided by Operating Activities to Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, December 31, 2014 2015 2014 2015 Net cash provided by operating activities $ 4,302 $ 753 $ 22,419 $ 12,753 Changes in asset and liabilities 58 2,150 (25,991 ) 3,963 Income tax expense (benefit) (392 ) 16 22,509 27 Acquisition and disposition related costs - 20 - 219 Interest expense and other, net 19 11 62 63 Income on discontinued operations, net of tax (734 ) (38 ) (3,555 ) (5,140 ) Tax effect on gain on sale of discontinued operations - - 144 - Adjusted EBITDA $ 3,253 $ 2,912 $ 15,588 $ 11,885 Net cash provided by (used in) investing activities $ (1,000 ) $ 242 $ (3,178 ) $ 21,822 Net cash provided by (used in) financing activities $ (3,922 ) $ (776 ) $ 29,879 $ (5,452 ) MARCHEX, INC. AND SUBSIDIARIES Reconciliation of GAAP EPS to Adjusted Non-GAAP EPS (in thousands, except per share data) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2014 2015 2014 2015 Adjusted Non-GAAP EPS from continuing operations $ 0.04 $ 0.03 $ 0.19 $ 0.13 Net Income (loss) from continuing operations applicable to common stockholders - diluted (GAAP EPS) $ (0.00 ) $ 0.03 $ (0.57 ) $ (0.01 ) Shares used to calculate diluted net income (loss) from continuing operations per share applicable to common stockholders 41,202 41,599 40,01041,168
Net income (loss) applicable to common stockholders $ 542 $ 1,258 $ (19,217 ) $ 26,684 Stock-based compensation 2,875 2,215 11,888 10,024 Acquisition and disposition related costs - 20 (68 ) 219 Gain on sale of Archeo assets - (1,496 ) - (1,496 ) Amortization of intangible assets from acquisitions - - 434 - Interest expense and other, net 19 11 62 63 Dividends paid to participating securities 28 - 127 37 Tax valuation allowance (659 ) - 21,686 - Discontinued operations, net of tax (716 ) (38 ) (3,703 ) (27,318 ) Estimated impact of income taxes (554 ) (682 ) (3,378 ) (2,863 ) Adjusted Non-GAAP net income from continuing operations $ 1,535 $ 1,288 $ 7,831 $ 5,350 Adjusted Non-GAAP EPS from continuing operations $ 0.04 $ 0.03 $ 0.19 $ 0.13 Shares used to calculate diluted net income (loss) from continuing operations per share applicable to common stockholders (GAAP) 41,202 41,599 40,010 41,168 Weighted average stock options and common shares subject to purchase or cancellation (if applicable) 365 - 2,116 421 Diluted shares used to calculate Adjusted Non-GAAP EPS (1) 41,567 41,599 42,126 41,589 (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. Certain reclassifications have been made to prior periods to conform to current presentation. MARCHEX, INC. AND SUBSIDIARIES Financial Summary Information (in thousands) (unaudited) NON-GAAP MEASURES CONSOLIDATED1 Q414 Q115 Q215 Q315 Q415 FY 2015 GAAP Revenue $ 31,227 $ 35,915 $ 35,346 $ 36,852 $ 34,900 $ 143,013 Adjusted OIBA $ 2,356 $ 2,491 $ 1,319 $ 2,444 $ 1,986 $ 8,240 Adjusted EBITDA $ 3,253 $ 3,353 $ 2,272 $ 3,348 $ 2,912 $ 11,885CALL-DRIVEN AND RELATED Q414 Q115 Q215 Q315 Q415 FY 2015 GAAP Revenue $ 30,325 $ 35,028 $ 34,458 $ 36,135 $ 34,265 $ 139,886 Adjusted OIBA $ 2,512 $ 2,632 $ 1,400 $ 2,177 $ 1,600 $ 7,809 Adjusted EBITDA $ 3,409 $ 3,494 $ 2,353 $ 3,081 $ 2,526 $ 11,454 ARCHEO Q414 Q115 Q215 Q315 Q415 FY 2015 GAAP Revenue $ 902 $ 887
$ 888 $ 717 $ 635 $ 3,127 Adjusted OIBA $ (156
)
$ (141
)
$ (81
)
$ 267 $ 386 $ 431 Adjusted EBITDA $ (156
)
$ (141
)
$ (81
)
$ 267 $ 386 $ 431
CALL-DRIVEN REVENUE EXCLUDING YP Q414 Q115 Q215 Q315 Q415 FY 2015 GAAP Revenue $ 30,325 $ 35,028 $ 34,458 $ 36,135 $ 34,265 $ 139,886 Revenue excluding YP $ 19,262 $ 24,271 $ 24,096 $ 26,007 $ 25,302 $ 99,676 YP Revenue $ 11,063 $ 10,757 $ 10,362 $ 10,128 $ 8,963 $ 40,210 ARCHEO REVENUE EXCLUDING YP Q414 Q115 Q215 Q315 Q415 FY 2015 GAAP Revenue $ 902 $ 887 $ 888 $ 717 $ 635 $ 3,127 Revenue excluding YP $ 524 $ 525 $ 515 $ 418 $ 343 $ 1,801 YP Revenue $ 378 $ 362 $ 373 $ 299 $ 292 $ 1,326
1 In April 2015, Marchex divested certain Archeo domain name and related assets. The operating results of the divested assets are included in discontinued operations, net of tax, in the unaudited consolidated financial statements. In December 2015, Marchex sold the remaining Archeo assets and its operating results are included in continuing operations. Unless otherwise indicated, information presented in these financial tables relates only to Marchex's continuing operations. The financial results for the discontinued operations are preliminary, subject to updates, and have been derived from the unaudited consolidated financial statements of Marchex, Inc. for all periods presented.
Due to rounding, the sum of quarterly amounts may not equal amounts reported for year-to-date periods.
MARCHEX, INC. AND SUBSIDIARIES (in thousands) (unaudited) Reconciliation of GAAP Income (loss) from Operations to Operating Income before Amortization (OIBA) and Adjusted Operating Income Before Amortization (Adjusted OIBA)Three Months Ended
Twelve Months Ended 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 12/31/2014 12/31/2015 Income (loss) from operations $ (519 ) $ (300 ) $ (1,466 ) $ 12 $ 1,247 $ (222 ) $ (507 ) Stock-based compensation 2,875 2,791 2,667 2,351 2,215 11,888 10,024 Amortization of intangible assets from acquisitions - - - - - 434 - Operating income before amortization (OIBA) 2,356 2,491 1,201 2,363 3,462 12,100 9,517 Acquisition and disposition related costs - - 118 81 20 (68 ) 219 Gain on sale of Archeo assets - - - - (1,496 ) - (1,496 ) Adjusted OIBA - Consolidated $ 2,356 $ 2,491 $ 1,319 $ 2,444 $ 1,986 $ 12,032 $ 8,240 Less: Archeo Adjusted OIBA1 (156 ) (141 ) (81 ) 267 386 933 431 Call-Driven and related Adjusted OIBA1 $ 2,512 $ 2,632 $ 1,400 $ 2,177 $ 1,600 $ 11,099 $ 7,809 Reconciliation from Net Cash provided by (used in) Operating Activities to Adjusted EBITDAThree Months Ended
Twelve Months Ended 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 12/31/2014 12/31/2015 Net cash provided by (used in) operating activities $ 4,302 $ 6,251 $ (1,814 ) $ 7,563 $ 753 $ 22,419 $ 12,753 Changes in assets and liabilities 58 2,228 3,883 (4,299 ) 2,150 (25,991 ) 3,963 Income tax expense (benefit) (392 ) 5 (185 ) 191 16 22,509 27 Acquisition and disposition related costs - - 118 81 20 - 219 Income on discontinued operations, net of tax (734 ) (5,156 ) 91 (37 ) (38 ) (3,555 ) (5,140 ) Tax effect of gain on sale of discontinued operations - - 163 (163 ) - 144 - Interest expense and other, net 19 25 16 12 11 62 63 Adjusted EBITDA - Consolidated $ 3,253 $ 3,353 $ 2,272 $ 3,348 $ 2,912 $ 15,588 $ 11,885 Less: Archeo Adjusted EBITDA1 (156 ) (141 ) (81 ) 267 386 933 431 Call-Driven and related Adjusted EBITDA1 $ 3,409 $ 3,494 $ 2,353 $ 3,081 $ 2,526 $ 14,655 $ 11,454 Summary of Revenue by SegmentThree Months Ended
Twelve Months Ended 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 12/31/2014 12/31/2015 Call-Driven1 and related Revenue $ 30,325 $ 35,028 $ 34,458 $ 36,135 $ 34,265 $ 168,051 $ 139,886 Archeo Revenue1 902 887 888 717 635 5,550 3,127 Revenue - Consolidated $ 31,227 $ 35,915 $ 35,346 $ 36,852 $ 34,900 $ 173,601 $ 143,013
1 The financial results for Call-Driven and Archeo have been derived from the unaudited condensed consolidated financial statements. The Call-Driven financial results include certain direct operating expenses and general corporate overhead expenses. The Archeo financial results include direct operating expenses.
Due to rounding, the sum of quarterly amounts may not equal amounts reported for year-to-date periods.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160218006640/en/
Marchex Investor RelationsTrevor Caldwell, 206-331-3600Email: ir(at)marchex.comorMEDIA INQUIRIESMarchex Corporate Communications206-331-3434Email: pr(at)marchex.com
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