Marchex Announces Fourth Quarter and Full Year 2015 Results
-
Fourth Quarter GAAP Revenue of
$34.9 million , up 12% Year-Over-Year -
Fourth Quarter Call-Driven Revenue of
$34.3 million , up 13% Year-Over-Year, and 31% Year-Over-Year excluding YP - Sold remaining non-strategic Archeo assets to focus on Mobile Advertising Analytics leadership
"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
-
GAAP revenue was $34.9 million for the fourth quarter of 2015,
compared to
$31.2 million for the fourth quarter of 2014.
-
GAAP net income from continuing operations was
$1.2 million for the fourth quarter of 2015. This compares to GAAP net loss from continuing operations of$146,000 for the fourth quarter of 2014. -
GAAP net income from continuing operations attributable to common
stockholders per diluted share was
$0.03 for the fourth quarter of 2015. This compares to GAAP net loss from continuing operations of$0.00 for the fourth quarter of 2014.
Q4 2015 | Q4 2014 | ||||
GAAP Revenue | $34.9 million | $31.2 million | |||
Call-Driven and related Revenue | $34.3 million | $30.3 million | |||
Non-GAAP Results: | |||||
Call-Driven Adjusted OIBA2 | $1.6 million | $2.5 million | |||
Call-Driven Adjusted EBITDA2 | $2.5 million | $3.4 million | |||
Adjusted OIBA2 | $2.0 million | $2.4 million | |||
Adjusted EBITDA2 | $2.9 million | $3.3 million | |||
Archeo Revenue | $0.6 million | $0.9 million | |||
Gain on Sale of Archeo Assets1 | $1.5 million | - | |||
Cash Balance | $109 million | $80 million |
-
Adjusted non-GAAP EPS2 from continuing operations for the
fourth quarter of 2015 was
$0.03 , compared to$0.04 for the fourth quarter of 2014.
Q4 2015 Other Financial Highlights
-
During the fourth quarter of 2015, YP contributed
$9.0 million in Call-Driven Revenues, compared to$11.1 million in the fourth quarter 2014. -
During the fourth quarter of 2015,
Marchex purchased 143,000 shares of its outstanding Class B common stock for a total price of$600,000 . This brings Marchex’s total shares repurchased under itsNovember 2014 share repurchase program to 1.6 million shares or 4% of its outstanding Class B common stock.
Full Year 2015 Financial Highlights1
-
GAAP revenue was $143.0 million for 2015, compared to
$173.6 million for 2014.
-
GAAP net loss from continuing operations was
$597,000 for 2015, compared to$22.8 million for 2014, which included the effect of a non-cash charge to income tax expense of$22.3 million for a valuation allowance on our deferred tax assets.
-
GAAP net loss from continuing operations attributable to common
stockholders per diluted share was
$0.01 for 2015, compared to$0.57 for 2014.
2015 | 2014 | ||||
GAAP Revenue | $143.0 million | $173.6 million | |||
Call-Driven and related Revenue | $139.9 million | $168.1 million | |||
Non-GAAP Results: | |||||
Call-Driven Adjusted OIBA2 | $7.8 million | $11.1 million | |||
Call-Driven Adjusted EBITDA2 | $11.5 million | $14.7 million | |||
Adjusted OIBA2 | $8.2 million | $12.0 million | |||
Adjusted EBITDA2 | $11.9 million | $15.6 million | |||
Archeo Revenue | $3.1 million | $5.5 million |
-
Adjusted non-GAAP EPS2 from continuing operations for 2015
was
$0.13 , compared to$0.19 for 2014. -
During 2015, YP contributed
$40.2 million in Call-Driven Revenues, compared to$41.8 million in 2014.
1In
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
Strategic Focus and Growth
- Focused on building the most powerful set of analytics tools for enterprise marketers to deeply understand the online-to-offline path to purchase.
- Accelerated Call-Driven Revenue growth excluding YP to 31% in Q4 2015 compared to Q4 2014.
- Increased 2015 revenue growth by 50% on average across three core verticals - Auto, Communications, and Home Services.
-
Sold all non-core Archeo assets. In
April 2015 , sold the bulk of Archeo’s domain portfolio for cash proceeds of $28.1 million plus additional earn-out payments subject to certain sales targets; and inDecember 2015 , sold the remaining Archeo assets for a gain on sale of$1.5 million .
International Expansion
-
Announced Analytics product expansion to 10 markets throughout
Europe ,Canada ,Australia and New Zealand to support enterprise client demand, includingCDK Global and Yell.
Global Partnership Additions
- Signed strategic partnerships with two of the world’s largest global advertising agencies including with Light Reaction, a mobile-first performance advertising business that is part of Xaxis, the programmatic media division of GroupM, to launch click-to-call mobile performance products.
Product Innovation
- Display Analytics beta, an industry-first Analytics product that for the first time enables enterprise marketers to measure when any inbound phone call to a call center or store is influenced by exposure to a display advertisement on a desktop or mobile device, even when a phone call occurs weeks or months after exposure to an ad. The reports are delivered real-time and track cross-device conversions, providing marketers with actionable intelligence to shift towards display tactics that produce positive returns.
- Search Analytics, an industry-first Analytics product that enables brands and agencies to track and measure which keywords drive sales from click-to-call ads. Features of Search Analytics include: 100% keyword attribution from all phone calls driven from mobile search; real-time conversion data using Real-Time Call DNA technology to identify those calls that are most likely to convert into sales; and automated setup and synchronization with leading bid-management platforms, such as DoubleClick, Kenshoo and Marin, which allows search marketers to measure and improve campaigns accurately in real time.
- Proprietary enhancements to our patented Real-Time Call DNA, including the ability to automatically redact credit card numbers from recorded phone calls in real-time. Using voice stream pattern recognition and machine learning algorithms, the technology redacts consumer credit card information while the call recording is being processed within Marchex’s secure datacenter.
-
Proprietary enhancements to its infrastructure, including Clean Call
3.0, a breakthrough in automatically detecting and stopping
robocallers without the need for consumer verification through an
interactive voice response (IVR) prompt. Call spam that uses fake
Caller IDs is on the rise and analysis by
Marchex estimates that robocalling may cost businesses more than$1 billion each year in telephone charges and lost productivity.
Leadership Additions
-
Announced executive appointments including
Gary Nafus as Chief Revenue Officer and Customer Engagement SpecialistMatthew Muilenburg as Senior Vice President to accelerate mobile advertising analytics leadership.
2016 Business Outlook
The following forward-looking statements reflect
- Grow new and existing enterprise client relationships,
- Accelerate product innovation, and
- Expand global strategic partnerships.
The following financial guidance includes expectation of an incremental
annual investment in sales and marketing, and related costs of more than
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) million | |
Call-Driven financial guidance excluding YP for the year ending December 31, 2016 |
||
Call-Driven Revenue Excluding YP3 | $117 million or more | |
3Reconciliations 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
About
Please visit www.marchex.com,
www.marchex.com/blog
or @marchex
on Twitter (Twitter.com/
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
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
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, INC. AND SUBSIDIARIES | ||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three months ended | Twelve Months Ended | |||||||||||||||||
December 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 | 40,010 |
41,168 |
||||||||||||||||||||
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 | $ | 11,885 | |||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
CALL-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
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 EBITDA | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||
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-Drivenand related Adjusted EBITDA1 | $ | 3,409 | $ | 3,494 | $ | 2,353 | $ | 3,081 | $ | 2,526 | $ | 14,655 | $ | 11,454 | |||||||||||||||
Summary of Revenue by Segment | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||
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/
Source:
Marchex Investor Relations
Trevor Caldwell, 206-331-3600
Email:
ir(at)marchex.com
or
MEDIA INQUIRIES
Marchex
Corporate Communications
206-331-3434
Email: pr(at)marchex.com