Marchex Announces First Quarter 2013 Results
Call-Driven Revenue Grows 17% Year-over-Year and 9% sequentially
“Momentum across our Call Products drove accelerating growth in the first quarter,” said
Q1 2013 Financial Highlights:
- Revenue was $36.2 million for the first quarter of 2013, compared to
$35.5 million for the same period in 2012. - GAAP net income applicable to common stockholders was
$85,000 for the first quarter of 2013 or$0.00 per diluted share. This compares to a GAAP net loss applicable to common stockholders of$788,000 or$0.02 per diluted share for the same period in 2012. The first quarter 2013 results included non-cash stock-based compensation expense of$1.9 million , compared to non-cash stock-based compensation expense of$3.9 million for the same period in 2012. - Adjusted non-GAAP EPS1 for the first quarter of 2013 was
$0.04 , compared to$0.05 for the same period in 2012. - Adjusted OIBA1 was
$2.2 million for the first quarter of 2013, compared to$3.3 million for the same period in 2012. - Adjusted EBITDA1 was
$3.1 million for the first quarter of 2013, compared to$4.3 million for the same period in 2012.
1 Reconciliations of non-GAAP measures are included in the financial tables attached to this press release and we encourage investors to examine the reconciling adjustments between the GAAP and non-GAAP measures.
- Revenue. Call-driven and other related revenue was
$31.1 million for the first quarter of 2013 – a 17 percent increase compared to$26.7 million for the first quarter of 2012. - Products. Five call analytics and related performance advertising patents filed in the quarter, adding to Marchex’s expanding patent portfolio.
Customers and Partners . Added more than 40 new national and reseller customers across several categories, such as Auto Services, Financial services, and Home Services. Also added several partners, including Kenshoo and Geary LSF, which will integrate Marchex Call Analytics into their product offering.
Archeo Q1 Highlights:
Archeo, Inc. (“Archeo”), a division ofMarchex , includes non-call driven assets, which consist of domain and directory assets, pay-per-click and reputation management products.- Archeo revenue was
$5.1 million for the first quarter of 2013. - During the 1st quarter of 2013, Archeo sold a total of 50 domains that yielded
$1.4 million .
Share Repurchase Program Update
Marchex Guidance
The following forward-looking statements reflect
Financial guidance for the fiscal year ending December 31, 2013: | ||
Revenue: | $146-$150 million | |
Adjusted OIBA: | $10.5-$11.5 million | |
Adjusted EBITDA: | Estimated add-backs of approximately $4 million in additional depreciation and amortization to adjusted OIBA, implying an adjusted EBITDA of $14.5-$15.5 million |
For Call Driven Revenue,
2013 GAAP income (loss) from operations is expected to be
Financial guidance for the Second Quarter ending June 30, 2013: | ||
Revenue: | $36.5-37.5 million | |
Adjusted OIBA: | $1.5-$2.5 million | |
Adjusted EBITDA: | Estimated add-backs of approximately $1 million in additional depreciation and amortization to adjusted OIBA, implying an adjusted EBITDA of $2.5-$3.5 million |
For Call Driven Revenue,
Second quarter GAAP income (loss) from operations is expected to be
Conference Call and Webcast Information
Management will hold a conference call, starting at
About
On
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. In addition, there are certain risks and uncertainties relating to our announced spin-off transaction which contemplates a separation of our mobile and call advertising business and our domain and advertising marketplace business, including, but not limited to, the impact and possible disruption to our operations, the timing and certainty of completing the transaction, the high costs in connection with the spin-off which we would not be able to recoup if the spin-off is not consummated, the expectation that the spin-off will be tax-free, revenue and growth expectations for the two independent companies following the spin-off, unanticipated developments that may delay or negatively impact the spin-off, and the ability of each business to operate as an independent entity upon completion of the spin-off. 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
Non-GAAP Financial Information:
To supplement
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
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) gain/loss on sales and disposals of intangible assets, (4) acquisition and separation related costs, (5) interest and other income (expense), and (6) 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, INC. AND SUBSIDIARIES | |||||||||
Condensed Consolidated Statements of Operations | |||||||||
(in thousands, except per share data) | |||||||||
(unaudited) | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2012 | 2013 | ||||||||
Revenue | $ | 35,481 | $ | 36,213 | |||||
Expenses: | |||||||||
Service costs (1), (2) | 20,078 | 21,403 | |||||||
Sales and marketing (1), (2) | 3,795 | 2,825 | |||||||
Product development (1), (2) | 6,027 | 6,858 | |||||||
General and administrative (1), (2) | 6,237 | 4,841 | |||||||
Amortization of intangible assets from acquisitions | 1,537 | 1,055 | |||||||
Acquisition and separation related costs | (132 | ) | 345 | ||||||
Total operating expenses | 37,542 | 37,327 | |||||||
Gain on sales and disposals of intangible assets, net | 1,463 | 1,362 | |||||||
Income (loss) from operations | (598 | ) | 248 | ||||||
Interest expense and other, net | (197 | ) | (17 | ) | |||||
Income (loss) before provision for income taxes | (795 | ) | 231 | ||||||
Income tax expense (benefit) | (80 | ) | 146 | ||||||
Net income (loss) | (715 | ) | 85 | ||||||
Dividends paid to participating securities | (73 | ) | - | ||||||
Net income (loss) applicable to common stockholders | $ | (788 | ) | $ | 85 | ||||
Basic net income (loss) per share applicable to Class A and Class B common stockholders | $ | (0.02 | ) | $ | 0.00 | ||||
Diluted net income (loss) per share applicable to Class A and Class B common stockholders | $ | (0.02 | ) | $ | 0.00 | ||||
Dividends paid per share | $ | 0.02 | $ | - | |||||
Shares used to calculate basic net income (loss) per share applicable to common stockholders | |||||||||
Class A | 9,587 | 9,570 | |||||||
Class B | 24,015 | 25,585 | |||||||
Shares used to calculate diluted net income (loss) per share applicable to common stockholders | |||||||||
Class A | 9,587 | 9,570 | |||||||
Class B | 33,602 | 35,550 | |||||||
(1) |
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Includes stock-based compensation allocated as follows: | |||||||
Service costs | $ | 524 | $ | 189 | |||||
Sales and marketing | 260 | 61 | |||||||
Product development | 336 | 374 | |||||||
General and administrative | 2,788 | 1,295 | |||||||
Total | $ | 3,908 | $ | 1,919 | |||||
(2) |
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Certain reclassifications have been made to prior year quarter to conform to current period presentation. | |||||||
MARCHEX, INC. AND SUBSIDIARIES | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
December 31, | March 31, | |||||||||
Assets | 2012 | 2013 | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 15,930 | $ | 17,100 | ||||||
Accounts receivable, net | 25,988 | 28,551 | ||||||||
Prepaid expenses and other current assets | 2,667 | 2,898 | ||||||||
Refundable taxes | 264 | 311 | ||||||||
Deferred tax assets | 830 | 947 | ||||||||
Total current assets | 45,679 | 49,807 | ||||||||
Property and equipment, net | 6,005 | 6,364 | ||||||||
Deferred tax assets | 27,677 | 27,560 | ||||||||
Intangibles and other assets, net | 611 | 572 | ||||||||
Goodwill | 65,815 | 65,815 | ||||||||
Intangible assets from acquisitions, net | 3,360 | 2,305 | ||||||||
Total Assets | $ | 149,147 | $ | 152,423 | ||||||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 12,378 | $ | 14,532 | ||||||
Accrued expenses and other current liabilities | 9,609 | 8,810 | ||||||||
Deferred revenue | 2,009 | 1,982 | ||||||||
Total current liabilities | 23,996 | 25,324 | ||||||||
Other non-current liabilities | 2,216 | 2,309 | ||||||||
Total Liabilities | 26,212 | 27,633 | ||||||||
Stockholders' equity: | ||||||||||
Class A common stock | 98 | 98 | ||||||||
Class B common stock | 284 | 282 | ||||||||
Treasury stock | (13 | ) | (34 | ) | ||||||
Additional paid-in capital | 295,532 | 297,325 | ||||||||
Accumulated deficit | (172,966 | ) | (172,881 | ) | ||||||
Total Stockholders' Equity | 122,935 | 124,790 | ||||||||
Total Liabilities and Stockholders' Equity | $ | 149,147 | $ | 152,423 | ||||||
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 | ||||||||
March 31, | ||||||||
2012 | 2013 | |||||||
Income (loss) from operations | $ | (598 | ) | $ | 248 | |||
Stock-based compensation | 3,908 | 1,919 | ||||||
Amortization of intangible assets from acquisitions | 1,537 | 1,055 | ||||||
Operating income before amortization (OIBA) | 4,847 | 3,222 | ||||||
Acquisition and separation related costs | (132 | ) | 345 | |||||
Gain on sales and disposals of intangible assets, net | (1,463 | ) | (1,362 | ) | ||||
Adjusted operating income before amortization (Adjusted OIBA) | $ | 3,252 | $ | 2,205 |
MARCHEX, INC. AND SUBSIDIARIES | ||||||||
Reconciliation from Net Cash provided by Operating Activities to Adjusted EBITDA | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2012 | 2013 | |||||||
Net cash provided by operating activities | $ | 3,954 | $ | 2,141 | ||||
Changes in asset and liabilities | 302 | 463 | ||||||
Income tax expense (benefit) | (80 | ) | 146 | |||||
Separation related costs | - | 345 | ||||||
Interest expense and other, net | 19 | 17 | ||||||
Excess tax benefits related to stock compensation | 97 | 7 | ||||||
Adjusted EBITDA | $ | 4,292 | $ | 3,119 | ||||
Net cash provided by investing activities | $ | 1,194 | $ | 512 | ||||
Net cash used in financing activities | $ | (1,296 | ) | $ | (1,483 | ) |
MARCHEX, INC. AND SUBSIDIARIES | |||||||||||
Reconciliation of GAAP EPS to Adjusted Non-GAAP EPS | |||||||||||
(in thousands, except per share data) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2012 | 2013 | ||||||||||
Adjusted Non-GAAP EPS | $ | 0.05 | $ | 0.04 | |||||||
Net income (loss) per Class B share applicable to common stockholders - diluted (GAAP EPS) | $ | (0.02 | ) | $ | 0.00 | ||||||
Shares used to calculate diluted net income (loss) per Class B share applicable to common stockholders |
33,602 | 35,550 | |||||||||
Net income (loss) applicable to common stockholders | $ | (788 | ) | $ | 85 | ||||||
Stock-based compensation | 3,908 | 1,919 | |||||||||
Acquisition and separation related costs | (132 | ) | 345 | ||||||||
Amortization of intangible assets from acquisitions | 1,537 | 1,055 | |||||||||
Gain on sales and disposals of intangible assets, net | (1,463 | ) | (1,362 | ) | |||||||
Interest expense and other, net | 197 | 17 | |||||||||
Dividends paid to participating securities | 73 | - | |||||||||
Tax valuation allowance | - | 425 | |||||||||
Estimated impact of income taxes | (1,242 | ) | (1,050 | ) | |||||||
Adjusted Non-GAAP net income applicable to common stockholders | $ | 2,090 | $ | 1,434 | |||||||
Adjusted Non-GAAP EPS | $ | 0.05 | $ | 0.04 | |||||||
Shares used to calculate diluted net income (loss) per Class B share applicable to common stockholders |
33,602 | 35,550 | |||||||||
Weighted average stock options and common shares subject to purchase or cancellation (if applicable) | 2,046 | - | |||||||||
Weighted average common shares related to deferred acquisition payments | 8,270 | - | |||||||||
Diluted shares used to calculate Adjusted Non-GAAP EPS (1) | 43,918 | 35,550 | |||||||||
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(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 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Reconciliation of GAAP Income (Loss) from Operations to Operating Income before Amortization (OIBA) | ||||||||||||||||||||
and Adjusted Operating Income Before Amortization (Adjusted OIBA) | ||||||||||||||||||||
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | 3/31/2013 | ||||||||||||||||
Income (loss) from operations | $ | (598 | ) | $ | 1,088 | $ | (492 | ) | $ | (18,188 | ) | $ | 248 | |||||||
Stock-based compensation | 3,908 | 4,816 | 3,715 | 3,257 | 1,919 | |||||||||||||||
Amortization of intangible assets from acquisitions | 1,537 | 1,082 | 1,055 | 1,054 | 1,055 | |||||||||||||||
Operating income before amortization (OIBA) | 4,847 | 6,986 | 4,278 | (13,877 | ) | 3,222 | ||||||||||||||
Acquisition and separation related costs | (132 | ) | - | 296 | 589 | 345 | ||||||||||||||
Impairment of goodwill | - | - | - | 16,739 | - | |||||||||||||||
Gain on sales and disposals of intangible assets, net | (1,463 | ) | (3,258 | ) | (713 | ) | (862 | ) | (1,362 | ) | ||||||||||
Adjusted operating income before amortization (Adjusted OIBA) | $ | 3,252 | $ | 3,728 | $ | 3,861 | $ | 2,589 | $ | 2,205 | ||||||||||
Reconciliation from Net Cash provided by Operating Activities to Adjusted EBITDA | ||||||||||||||||||||
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | 3/31/2013 | ||||||||||||||||
Net cash provided by operating activities | $ | 3,954 | $ | 7,980 | $ | 3,656 | $ | 4,311 | $ | 2,141 | ||||||||||
Changes in asset and liabilities | 302 | (3,997 | ) | 811 | (17,696 | ) | 463 | |||||||||||||
Income tax expense (benefit) | (80 | ) | 577 | (67 | ) | 16,127 | 146 | |||||||||||||
Separation related costs | - | - | 296 | 589 | 345 | |||||||||||||||
Interest expense and other, net | 19 | 21 | 28 | 20 | 17 | |||||||||||||||
Excess tax benefits related to stock compensation | 97 | 23 | 42 | 146 | 7 | |||||||||||||||
Adjusted EBITDA | $ | 4,292 | $ | 4,604 | $ | 4,766 | $ | 3,497 | $ | 3,119 | ||||||||||
Net cash provided by (used in) investing activities | $ | 1,194 | $ | 2,032 | $ | (103 | ) | $ | 197 | $ | 513 | |||||||||
Net cash used in financing activities | $ | (1,296 | ) | $ | (17,734 | ) | $ | (1,592 | ) | $ | (24,112 | ) | $ | (1,483 | ) |
MARCHEX, INC. AND SUBSIDIARIES | |||||||||||||||||||
Financial Summary | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Quarter ended | |||||||||||||||||||
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | 3/31/2013 | |||||||||||||||
Marchex - consolidated | |||||||||||||||||||
Revenue | $ | 35,481 | $ | 34,013 | $ | 34,822 | $ | 33,989 | $ | 36,213 | |||||||||
Revenue with Domain Sales | $ | 36,955 | $ | 37,283 | $ | 35,535 | $ | 34,851 | $ | 37,575 | |||||||||
Adjusted OIBA | $ | 3,252 | $ | 3,728 | $ | 3,861 | $ | 2,589 | $ | 2,205 | |||||||||
Adjusted EBITDA | $ | 4,292 | $ | 4,604 | $ | 4,766 | $ | 3,497 | $ | 3,119 | |||||||||
Adjusted OIBA with Domain Sales | $ | 4,715 | $ | 6,986 | $ | 4,574 | $ | 3,451 | $ | 3,567 | |||||||||
Adjusted EBITDA with Domain Sales | $ | 5,755 | $ | 7,862 | $ | 5,479 | $ | 4,359 | $ | 4,481 | |||||||||
Call-Driven and Other (1) | |||||||||||||||||||
Revenue | $ | 26,651 | $ | 27,497 | $ | 29,270 | $ | 28,468 | $ | 31,107 | |||||||||
Adjusted OIBA | $ | 845 | $ | 2,214 | $ | 2,773 | $ | 1,760 | $ | 2,211 | |||||||||
Adjusted EBITDA | $ | 1,546 | $ | 2,917 | $ | 3,538 | $ | 2,530 | $ | 2,985 | |||||||||
Archeo (1) | |||||||||||||||||||
Revenue | $ | 8,830 | $ | 6,516 | $ | 5,552 | $ | 5,521 | $ | 5,106 | |||||||||
Revenue with Domain Sales | $ | 10,304 | $ | 9,786 | $ | 6,265 | $ | 6,383 | $ | 6,468 | |||||||||
Adjusted OIBA | $ | 2,407 | $ | 1,514 | $ | 1,088 | $ | 829 | $ | (6 | ) | ||||||||
Adjusted EBITDA | $ | 2,746 | $ | 1,687 | $ | 1,228 | $ | 967 | $ | 134 | |||||||||
Adjusted OIBA with Domain Sales | $ | 3,870 | $ | 4,772 | $ | 1,801 | $ | 1,691 | $ | 1,356 | |||||||||
Adjusted EBITDA with Domain Sales | $ | 4,209 | $ | 4,945 | $ | 1,941 | $ | 1,829 | $ | 1,496 | |||||||||
(1 | ) | The financial results for Call-Driven and Archeo are preliminary and have been derived from the unaudited consolidated financial statements of Marchex, Inc. for all periods presented. The unaudited Call-Driven and Archeo financial results include certain expenses of Marchex which were allocated for certain functions, including general corporate expenses related to finance, legal, information technology, human resources, shared services, insurance, employee benefits and incentives and stock-based compensation. However, these allocations may not be indicative of the actual expenses that would have incurred as two separate stand-alone entities or of the costs expected to be incurred in the future. As such, the financial results included herein may not necessarily reflect the results of operations or cash flows in the future or what the results of operations or cash flows would have been had Archeo been an independent company during the periods presented. | |||||||||||||||||
MARCHEX, INC. AND SUBSIDIARIES | |||||||||||||||||||||
Reconciliation to Reported Financial and Non-GAAP Information | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Quarter ended | |||||||||||||||||||||
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | 3/31/2013 | |||||||||||||||||
Revenue | |||||||||||||||||||||
Consolidated - as reported | $ | 35,481 | $ | 34,013 | $ | 34,822 | $ | 33,989 | $ | 36,213 | |||||||||||
Add: Domain Sales | 1,474 | 3,270 | 713 | 862 | 1,362 | ||||||||||||||||
Consolidated with Domain Sales (1) | 36,955 | 37,283 | 35,535 | 34,851 | 37,575 | ||||||||||||||||
Less: Archeo with Domain Sales (3) | 10,304 | 9,786 | 6,265 | 6,383 | 6,468 | ||||||||||||||||
Other | 181 | 175 | 174 | 181 | 171 | ||||||||||||||||
Call-Driven (3) | $ | 26,470 | $ | 27,322 | $ | 29,096 | $ | 28,287 | $ | 30,936 | |||||||||||
Adjusted operating income (loss) | |||||||||||||||||||||
Consolidated - as reported | $ | 3,252 | $ | 3,728 | $ | 3,861 | $ | 2,589 | $ | 2,205 | |||||||||||
Add: Gain on Domain Sales | 1,463 | 3,258 | 713 | 862 | 1,362 | ||||||||||||||||
Consolidated with Domain Sales (2) | 4,715 | 6,986 | 4,574 | 3,451 | 3,567 | ||||||||||||||||
Less: Archeo with Domain Sales (2) | 3,870 | 4,772 | 1,801 | 1,691 | 1,356 | ||||||||||||||||
Other | 71 | 116 | 105 | 105 | 106 | ||||||||||||||||
Call-Driven (3) | $ | 774 | $ | 2,098 | $ | 2,668 | $ | 1,655 | $ | 2,105 | |||||||||||
Adjusted EBITDA | |||||||||||||||||||||
Consolidated - as reported | $ | 4,292 | $ | 4,604 | $ | 4,766 | $ | 3,497 | $ | 3,119 | |||||||||||
Add: Gain on Domain Sales | 1,463 | 3,258 | 713 | 862 | 1,362 | ||||||||||||||||
Consolidated with Domain Sales (2) | 5,755 | 7,862 | 5,479 | 4,359 | 4,481 | ||||||||||||||||
Less: Archeo with Domain Sales (2) | 4,209 | 4,945 | 1,941 | 1,829 | 1,496 | ||||||||||||||||
Other | 71 | 116 | 105 | 105 | 106 | ||||||||||||||||
Call-Driven (3) | $ | 1,475 | $ | 2,801 | $ | 3,433 | $ | 2,425 | $ | 2,879 | |||||||||||
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(1) Consolidated revenue with Domain Sales is a non-GAAP measure of financial results and includes sales proceeds from sales of intangible domain assets. |
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(2) Adjusted operating income (loss), adjusted EBITDA and each with Domain Sales, are non-GAAP measures of operating results and liquidity. |
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(3) Adjusted OIBA and EBITDA with Domain Sales include net gains from the sales of intangible assets. | |||||||||||||||||||||
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The financial results for call-driven and Archeo are preliminary and have been derived from the unaudited consolidated financial statements of Marchex, Inc. for all periods presented. The unaudited Call-Driven and Archeo financial results include certain expenses of Marchex which were allocated for certain functions, including general corporate expenses related to finance, legal, information technology, human resources, shared services, insurance, employee benefits and incentives and stock-based compensation. However, these allocations may not be indicative of the actual expenses that would have incurred as two separate stand-alone entities or of the costs expected to be incurred in the future. As such, the financial results included herein may not necessarily reflect the results of operations or cash flows in the future or what the results of operations or cash flows would have been had Archeo been an independent company during the periods presented.
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Source:
Marchex Investor Relations
Trevor Caldwell
Telephone: 206-331-3600
Email: ir(at)marchex.com
Or
MEDIA INQUIRIES
Marchex Public Relations
Sonia Krishnan
Telephone: 206-331-3434
Email: skrishnan(at)marchex.com