Marchex Announces Fourth Quarter and Full Year 2020 Results
Q4 and Full Year 2020 Financial Highlights1
-
GAAP revenue, was
$12.7 million for the fourth quarter of 2020, compared to$13.4 million for the fourth quarter of 2019. GAAP revenue, was$51.2 million for 2020, compared to$54.5 million for 2019. -
Core analytics and solutions revenue was
$12.5 million for the fourth quarter of 2020, which included the benefit of recognizing$274,000 of revenues that were reserved at the end of the prior quarter given they did not meet recognition criteria under our revenue recognition policies. Excluding this amount, core analytics and solutions revenue for the third quarter of 2020 was$12.3 million , compared to$12.7 million for the fourth quarter of 2019. Core analytics and solutions revenue was$50.4 million for 2020, compared to$52.3 million for 2019. -
Net loss including discontinued operations was
$5.4 million for the fourth quarter of 2020 or$0.12 per diluted share, compared to a net loss of$0.4 million or$0.01 per diluted share for the fourth quarter of 2019. Net loss including discontinued operations was$38.4 million for 2020 or$0.83 per diluted share, compared to a net loss including discontinued operations of$4.0 million or$0.09 per diluted share for 2019. -
Net loss from continuing operations was
$5.6 million for the fourth quarter of 2020 or$0.13 per diluted share, compared to a net loss of$2.8 million or$0.06 per diluted share for the fourth quarter of 2019. Net loss from continuing operations was$43.0 million for 2020 or$0.93 per diluted share, compared to a net loss from continuing operations of$11.5 million or$0.25 per diluted share for 2019.
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Q4 2019 |
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Q4 2020 |
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FY 2019 |
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FY 2020 |
GAAP Revenue |
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Core Analytics and solutions revenue |
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Cash Balance (net of current debt obligations) |
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Non-GAAP Results1: |
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Adjusted EBITDA from continuing operations |
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-
Adjusted non-GAAP income (loss) per share2 from continuing operations for the fourth quarter of 2020 was (
$0.06 ), compared to ($0.04 ) for the fourth quarter of 2019. Adjusted non-GAAP income (loss) per share2 from continuing operations for 2020 was ($0.28 ), compared to ($0.13 ) for 2019.
_______________ | ||
1 |
The Company sold its interest in the Local Leads Platform, |
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2 |
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. |
Strategic Priorities Update
Grow Client Relationships and Accelerate Product Innovation.
In
Completion of divestiture of certain assets, including its Local Leads platform and its
Completion of Tender Offer. In
“In the fourth quarter of 2020,
Business Outlook
The following forward-looking statements reflect
“While we started to see some positive developments in the fourth quarter of 2020 in terms of sales pipeline and go forward opportunities, our outlook for the year remains highly fluid and there is a degree of uncertainty in the near term,” said
“As we look at 2021 overall and beyond, we continue to be encouraged by the interactions we are having with existing and potential new customers regarding expansion of existing relationships and adoption of new products. Assuming the current trajectory of these opportunities continue, and there is an unwinding of the business impact from the pandemic, we believe there is a path for us to return to double-digit growth in the course of 2021. Additionally, in 2021 we believe we can drive and achieve progressive and sequential growth in core analytics and solutions revenue, profitability, customer wins and product expansion. As we launch new products and they begin to contribute, we also continue to believe there is a potential path to reach break-even or better on an Adjusted EBITDA basis at some point in 2021,” said Arends.
Management will hold a conference call, starting at
About
Please visit http://www.marchex.com, www.marchex.com/blog or @marchex on Twitter (Twitter.com/Marchex), where
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
In the event the press release contains links to third-party websites or materials, the links are provided solely as a convenience to you.
Non-GAAP Financial Information:
To supplement
Adjusted OIBA from continuing operations represents income (loss) from operations, excluding (1) stock-based compensation expense, (2) amortization of intangible assets from acquisitions, (3) acquisition and disposition related costs (benefit), (4) impairment of intangibles assets and goodwill from acquisitions and (5) foreign government paycheck assistance subsidies. This measure, among other things, is one of the primary metrics by which
Adjusted EBITDA from continuing operations represents income (loss) from continuing operations before (1) interest, (2) income taxes, (3) depreciation, (4) stock-based compensation expense, (5) amortization of intangible assets from acquisitions, (6) acquisition and disposition related costs (benefit), (7) impairment of intangibles assets and goodwill from acquisitions, and (8) foreign government paycheck assistance subsidies.
Adjusted non-GAAP income (loss) per share from continuing operations represents Adjusted non-GAAP income (loss) from continuing operations divided by GAAP diluted shares outstanding. Adjusted non-GAAP income (loss) generally captures those items on the statement of operations that have been, or ultimately will be, settled in cash exclusive of certain items that are not indicative of Marchex’s recurring core operating results and represents net income (loss) applicable to common stockholders plus the net of tax effects of: (1) stock-based compensation expense, (2) acquisition and disposition related costs (benefit), and (3) amortization of intangible assets from acquisitions, and (4) impairment of intangibles assets and goodwill from acquisitions, (5) interest income and other, net, (6) net income from discontinued operations, net of tax, and (7) estimated impact of income taxes. Financial analysts and investors may use Adjusted non-GAAP income (loss) per share to analyze
Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) |
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Three Months Ended |
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Twelve Months Ended |
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||||||||||||
|
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2019 |
|
2020 |
|
2019 |
|
2020 |
||||||||
Revenue |
|
$ |
13,448 |
|
|
$ |
12,691 |
|
|
$ |
54,489 |
|
|
$ |
51,218 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service costs (1) |
|
|
4,310 |
|
|
|
5,459 |
|
|
|
18,003 |
|
|
|
20,888 |
|
Sales and marketing (1) |
|
|
3,745 |
|
|
|
3,693 |
|
|
|
13,729 |
|
|
|
16,656 |
|
Product development (1) |
|
|
4,745 |
|
|
|
5,169 |
|
|
|
17,879 |
|
|
|
21,001 |
|
General and administrative (1) |
|
|
3,474 |
|
|
|
3,015 |
|
|
|
13,022 |
|
|
|
12,796 |
|
Amortization of intangible assets from acquisitions |
|
|
1,560 |
|
|
|
1,156 |
|
|
|
6,263 |
|
|
|
5,331 |
|
Acquisition and disposition related costs (benefit) |
|
|
262 |
|
|
|
(71 |
) |
|
|
(447 |
) |
|
|
(1,043 |
) |
Total operating expenses |
|
|
18,096 |
|
|
|
18,421 |
|
|
|
68,449 |
|
|
|
75,629 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,744 |
) |
Impairment of intangible assets from acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,903 |
) |
Loss from operations |
|
|
(4,648 |
) |
|
|
(5,730 |
) |
|
|
(13,960 |
) |
|
|
(44,058 |
) |
Interest income (expense) and other, net |
|
|
160 |
|
|
|
(16 |
) |
|
|
752 |
|
|
|
123 |
|
Loss before provision for income taxes |
|
|
(4,488 |
) |
|
|
(5,746 |
) |
|
|
(13,208 |
) |
|
|
(43,935 |
) |
Income tax expense (benefit) |
|
|
(1,718 |
) |
|
|
(99 |
) |
|
|
(1,722 |
) |
|
|
945 |
|
Loss from continuing operations |
|
|
(2,770 |
) |
|
|
(5,647 |
) |
|
|
(11,486 |
) |
|
|
(42,990 |
) |
Income from discontinued operations, net of tax |
|
|
2,356 |
|
|
|
248 |
|
|
|
7,444 |
|
|
|
4,544 |
|
Net loss applicable to common stockholders |
|
$ |
(414 |
) |
|
$ |
(5,399 |
) |
|
$ |
(4,042 |
) |
|
$ |
(38,446 |
) |
|
|
|
|
|
|
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|
|
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Basic and diluted net loss per Class A and Class B share applicable to common stockholders |
|
|
|
|
|
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|
|
|
|
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Continuing operations |
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$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
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(0.25 |
) |
|
|
(0.93 |
) |
Discontinued operations, net of tax |
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$ |
0.05 |
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$ |
0.01 |
|
|
|
0.16 |
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|
0.10 |
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Basic and diluted net loss per Class A and Class B share applicable to common stockholders |
|
$ |
(0.01 |
) |
|
$ |
(0.12 |
) |
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$ |
(0.09 |
) |
|
$ |
(0.83 |
) |
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Shares used to calculate basic net loss per share applicable to common stockholders: |
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Class A |
|
|
4,661 |
|
|
|
4,661 |
|
|
|
4,793 |
|
|
|
4,661 |
|
Class B |
|
|
41,286 |
|
|
|
39,411 |
|
|
|
40,667 |
|
|
|
41,559 |
|
Shares used to calculate diluted net loss per share applicable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Class A |
|
|
4,661 |
|
|
|
4,661 |
|
|
|
4,793 |
|
|
|
4,661 |
|
Class B |
|
|
45,947 |
|
|
|
44,072 |
|
|
|
45,460 |
|
|
|
46,260 |
|
|
|
|
|
|
|
|
|
|
|
|
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(1) Includes stock-based compensation allocated as follows: |
|
|
|
|
|
|
|
|
|
|
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|
||||
Service costs |
|
$ |
3 |
|
|
$ |
7 |
|
|
$ |
113 |
|
|
$ |
36 |
|
Sales and marketing |
|
|
125 |
|
|
|
283 |
|
|
|
469 |
|
|
|
1,041 |
|
Product development |
|
|
63 |
|
|
|
97 |
|
|
|
233 |
|
|
|
358 |
|
General and administrative |
|
|
725 |
|
|
|
596 |
|
|
|
2,000 |
|
|
|
2,172 |
|
Total |
|
$ |
916 |
|
|
$ |
983 |
|
|
$ |
2,815 |
|
|
$ |
3,607 |
|
Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
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|
|
|
|
|
||||
|
|
2019 |
|
2020 |
||||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
41,731 |
|
|
$ |
33,851 |
|
Accounts receivable, net |
|
|
7,525 |
|
|
|
6,331 |
|
Prepaid expenses and other current assets |
|
|
2,015 |
|
|
|
2,232 |
|
Current assets of discontinued operations |
|
|
11,148 |
|
|
|
— |
|
Total current assets |
|
|
62,419 |
|
|
|
42,414 |
|
Property and equipment, net |
|
|
2,995 |
|
|
|
2,747 |
|
Other assets, net |
|
|
312 |
|
|
|
2,251 |
|
Right-of-use lease asset |
|
|
5,801 |
|
|
|
3,568 |
|
|
|
|
32,330 |
|
|
|
18,502 |
|
Intangible assets from acquisitions, net |
|
|
19,485 |
|
|
|
8,252 |
|
Long-term assets of discontinued operations |
|
|
1,159 |
|
|
|
— |
|
Total assets |
|
$ |
124,501 |
|
|
$ |
77,734 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
618 |
|
|
$ |
2,424 |
|
Accrued expenses and other current liabilities |
|
|
6,859 |
|
|
|
10,158 |
|
Deferred revenue and deposits |
|
|
866 |
|
|
|
1,393 |
|
Lease liability current |
|
|
1,500 |
|
|
|
1,806 |
|
Loan obligations, current |
|
|
— |
|
|
|
5,123 |
|
Current liabilities of discontinued operations |
|
|
7,703 |
|
|
|
— |
|
Total current liabilities |
|
|
17,546 |
|
|
|
20,904 |
|
Deferred tax liabilities |
|
|
981 |
|
|
|
1,162 |
|
Lease liability non-current |
|
|
5,664 |
|
|
|
2,980 |
|
Other non-current liabilities |
|
|
473 |
|
|
|
— |
|
Total liabilities |
|
|
24,664 |
|
|
|
25,046 |
|
Stockholders’ equity: |
|
|
|
|
|
|
||
Class A common stock |
|
|
49 |
|
|
|
49 |
|
Class B common stock |
|
|
396 |
|
|
|
365 |
|
Additional paid-in capital |
|
|
359,632 |
|
|
|
350,960 |
|
Accumulated deficit |
|
|
(260,240 |
) |
|
|
(298,686 |
) |
Total stockholders’ equity |
|
|
99,837 |
|
|
|
52,688 |
|
Total liabilities and stockholders’ equity |
|
$ |
124,501 |
|
|
$ |
77,734 |
|
(in thousands) (unaudited) |
||||||||||||||||
Reconciliation of GAAP Loss from Operations to Adjusted Operating Income (Loss) Before Amortization (OIBA) from Continuing Operations and Adjusted EBITDA from Continuing Operations |
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|
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||||||
Loss from operations |
|
$ |
(4,648 |
) |
|
$ |
(5,730 |
) |
|
$ |
(13,960 |
) |
|
$ |
(44,058 |
) |
Stock-based compensation |
|
|
916 |
|
|
|
983 |
|
|
|
2,815 |
|
|
|
3,607 |
|
Amortization of intangible assets from acquisitions |
|
|
1,560 |
|
|
|
1,156 |
|
|
|
6,263 |
|
|
|
5,331 |
|
Acquisition and disposition related costs (benefit) |
|
|
262 |
|
|
|
(71 |
) |
|
|
(447 |
) |
|
|
(1,043 |
) |
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,744 |
|
Impairment of intangible assets from acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,903 |
|
Foreign government paycheck assistance subsidies1 |
|
|
— |
|
|
|
(46 |
) |
|
|
— |
|
|
|
(415 |
) |
Adjusted OIBA from continuing operations |
|
$ |
(1,910 |
) |
|
$ |
(3,708 |
) |
|
$ |
(5,329 |
) |
|
$ |
(16,931 |
) |
Depreciation and amortization |
|
|
468 |
|
|
|
500 |
|
|
|
1,864 |
|
|
|
1,918 |
|
Adjusted EBITDA from continuing operations |
|
$ |
(1,442 |
) |
|
$ |
(3,208 |
) |
|
$ |
(3,465 |
) |
|
$ |
(15,013 |
) |
1 |
Includes pandemic related wage relief subsidies, recognized as a reduction of wages during the period received. |
Revenue Reconciliation |
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|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||||||
Core analytics and solutions revenue2 |
|
$ |
12,674 |
|
$ |
12,546 |
|
$ |
52,324 |
|
$ |
50,421 |
||||
Other analytics3 |
|
|
774 |
|
|
|
145 |
|
|
|
2,165 |
|
|
|
797 |
|
Total Revenue |
|
$ |
13,448 |
|
|
$ |
12,691 |
|
|
$ |
54,489 |
|
|
$ |
51,218 |
|
2 |
Core analytics and solutions revenue includes revenue from analytics and sales engagement solutions customers, including those that are purchasing or buying products derived from the company’s speech technology platform. |
|
3 |
Includes revenue from tests, consulting services or other analytics revenues that may continue for a limited time but are not anticipated to continue in future periods. |
(in thousands, except per share amounts) (unaudited) |
||||||||||||||||
Reconciliation of GAAP Net Loss per Share to Adjusted Non-GAAP Income (Loss) from Continuing Operations per Share |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||||||
Adjusted Non-GAAP income (loss) per share |
|
$ |
(0.04 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share applicable to common stockholders - diluted (GAAP loss per share) |
|
$ |
(0.01 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.83 |
) |
Shares used to calculate diluted net loss per share applicable to common stockholders |
|
|
45,947 |
|
|
|
44,072 |
|
|
|
45,460 |
|
|
|
46,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss from continuing operations applicable to common stockholders |
|
$ |
(414 |
) |
|
$ |
(5,399 |
) |
|
$ |
(4,042 |
) |
|
$ |
(38,446 |
) |
Stock-based compensation |
|
|
916 |
|
|
|
983 |
|
|
|
2,815 |
|
|
|
3,607 |
|
Acquisition related costs (benefit) |
|
|
262 |
|
|
|
(71 |
) |
|
|
(447 |
) |
|
|
(1,043 |
) |
Amortization of intangible assets from acquisitions |
|
|
1,560 |
|
|
|
1,156 |
|
|
|
6,263 |
|
|
|
5,331 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,744 |
|
Impairment of intangible assets from acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,903 |
|
Interest income and other, net |
|
|
(160 |
) |
|
|
16 |
|
|
|
(752 |
) |
|
|
(123 |
) |
Income from discontinued operations, net of tax |
|
|
(2,356 |
) |
|
|
(248 |
) |
|
|
(7,444 |
) |
|
|
(4,544 |
) |
Estimated impact of income taxes |
|
|
(1,599 |
) |
|
|
780 |
|
|
|
(2,101 |
) |
|
|
2,555 |
|
Adjusted Non-GAAP loss from continuing operations |
|
$ |
(1,791 |
) |
|
$ |
(2,783 |
) |
|
$ |
(5,708 |
) |
|
$ |
(13,016 |
) |
Adjusted Non-GAAP loss from continuing operations per share |
|
$ |
(0.04 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used to calculate diluted net loss per share applicable to common stockholders (GAAP) and Adjusted Non-GAAP loss from continuing operations per share |
|
|
45,947 |
|
|
|
44,072 |
|
|
|
45,460 |
|
|
|
46,260 |
|
1 |
|
For the purpose of computing the number of diluted shares for Adjusted Non-GAAP income (loss) from continuing operations per share, |
(in thousands, except per share amounts) (unaudited) |
||||||||||||||||
Reconciliation of GAAP Loss from Continuing Operations to Non-GAAP Loss from Continuing Operations excluding Impairment of |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2019 |
|
2020 |
|
2019 |
|
2020 |
||||||||
Loss from continuing operations (GAAP) |
|
$ |
(2,770 |
) |
|
$ |
(5,647 |
) |
|
$ |
(11,486 |
) |
|
$ |
(42,990 |
) |
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,744 |
|
Impairment of intangible assets from acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,903 |
|
Loss from continuing operations excluding impairment of goodwill and intangible assets (Non-GAAP) |
|
$ |
(2,770 |
) |
|
$ |
(5,647 |
) |
|
$ |
(11,486 |
) |
|
$ |
(23,343 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss from continuing operations applicable to common stockholders - diluted (GAAP loss per share) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.93 |
) |
Impairment of goodwill per diluted share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.30 |
|
Impairment of intangible assets from acquisitions per diluted share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.13 |
|
Loss from continuing operations excluding impairment of goodwill and intangible assets per diluted share (Non-GAAP) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used to calculate diluted loss from continuing operations per share applicable to common stockholders (GAAP) and diluted loss from continuing operations excluding impairment of goodwill and intangible assets (Non-GAAP) |
|
|
45,947 |
|
|
|
44,072 |
|
|
|
45,460 |
|
|
|
46,260 |
|
(in thousands) (unaudited) |
||||||||||||||||||||
Reconciliation of GAAP Loss from Operations to Adjusted OIBA from Continuing Operations and Adjusted EBITDA from Continuing Operations |
||||||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
|
$ |
12,008 |
|
|
$ |
12,716 |
|
|
$ |
13,803 |
|
|
$ |
12,691 |
|
|
$ |
51,218 |
|
Service costs |
|
|
(4,828 |
) |
|
|
(4,968 |
) |
|
|
(5,633 |
) |
|
|
(5,459 |
) |
|
|
(20,888 |
) |
Sales and marketing |
|
|
(4,170 |
) |
|
|
(4,828 |
) |
|
|
(3,965 |
) |
|
|
(3,693 |
) |
|
|
(16,656 |
) |
Product development |
|
|
(5,358 |
) |
|
|
(5,306 |
) |
|
|
(5,168 |
) |
|
|
(5,169 |
) |
|
|
(21,001 |
) |
General and administrative |
|
|
(3,453 |
) |
|
|
(2,845 |
) |
|
|
(3,483 |
) |
|
|
(3,015 |
) |
|
|
(12,796 |
) |
Amortization of intangible assets from acquisitions |
|
|
(1,763 |
) |
|
|
(1,206 |
) |
|
|
(1,206 |
) |
|
|
(1,156 |
) |
|
|
(5,331 |
) |
Acquisition and disposition related (costs) benefit |
|
|
635 |
|
|
|
361 |
|
|
|
(24 |
) |
|
|
71 |
|
|
|
1,043 |
|
Impairment of goodwill |
|
|
(13,744 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,744 |
) |
Impairment of intangible assets from acquisitions |
|
|
(5,903 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,903 |
) |
Loss from operations |
|
|
(26,576 |
) |
|
|
(6,076 |
) |
|
|
(5,676 |
) |
|
|
(5,730 |
) |
|
|
(44,058 |
) |
Stock-based compensation |
|
|
962 |
|
|
|
844 |
|
|
|
818 |
|
|
|
983 |
|
|
|
3,607 |
|
Amortization of intangible assets from acquisitions |
|
|
1,763 |
|
|
|
1,206 |
|
|
|
1,206 |
|
|
|
1,156 |
|
|
|
5,331 |
|
Acquisition and disposition related costs (benefit) |
|
|
(635 |
) |
|
|
(361 |
) |
|
|
24 |
|
|
|
(71 |
) |
|
|
(1,043 |
) |
Impairment of goodwill |
|
|
13,744 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,744 |
|
Impairment of intangible assets from acquisitions |
|
|
5,903 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,903 |
|
Foreign government paycheck assistance subsidies1 |
|
|
— |
|
|
|
(252 |
) |
|
|
(117 |
) |
|
|
(46 |
) |
|
|
(415 |
) |
Adjusted OIBA from continuing operations |
|
|
(4,839 |
) |
|
|
(4,639 |
) |
|
|
(3,745 |
) |
|
|
(3,708 |
) |
|
|
(16,931 |
) |
Depreciation and amortization |
|
|
506 |
|
|
|
477 |
|
|
|
435 |
|
|
|
500 |
|
|
|
1,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA from continuing operations |
|
$ |
(4,333 |
) |
|
$ |
(4,162 |
) |
|
$ |
(3,310 |
) |
|
$ |
(3,208 |
) |
|
$ |
(15,013 |
) |
1 |
Includes pandemic related wage relief subsidies, recognized as a reduction of wages during the period received. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210302006071/en/
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