Marchex Announces Fourth Quarter and Full Year 2018 Results
Marchex, Inc. (NASDAQ:MCHX), a leading provider of call analytics that drive, measure, and convert callers into customers,
today announced its financial results for the fourth quarter and full year ended December 31, 2018.
Q4 and Full Year 2018 Financial Highlights
- Revenue was $23.1 million for the fourth quarter of 2018, compared to $21.8 million for the
fourth quarter of 2017. Revenue was $85.3 million for 2018, compared to $90.3 million for 2017.
- Core analytics revenue was $10.9 million for the fourth quarter of 2018, compared to $7.4
million for the fourth quarter of 2017. Core analytics revenue was $35.4 million for 2018, compared to $29.4 million for
2017.
- Net loss applicable to common stockholders was $0.6 million for the fourth quarter of 2018 or $0.01
per diluted share, compared to a net loss of $0.8 million or $0.02 per diluted share for the fourth quarter of 2017. Net loss
applicable to common stockholders was $2.7 million for 2018 or $0.06 per diluted share, compared to a net loss of $6.4 million or
$0.15 per diluted share for 2017.
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Q4 2017 |
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Q4 2018 |
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FY 2017 |
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FY 2018 |
Revenue |
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$ |
21.8 million |
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$ |
23.1 million |
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$ |
90.3 million |
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$ |
85.3 million |
Net cash provided by operating activities |
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$ |
0.0 million |
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$ |
1.0 million |
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$ |
1.7 million |
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$ |
5.1 million |
Cash Balance |
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$ |
104 million |
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$ |
45 million |
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Non-GAAP Results1: |
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Adjusted EBITDA |
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$ |
1.0 million |
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$ |
1.2 million |
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$ |
1.0 million |
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$ |
2.2 million |
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- Adjusted non-GAAP income (loss) per share1 for the fourth quarter of 2018 was $0.02,
compared to $0.01 for the fourth quarter of 2017. Adjusted non-GAAP income (loss) per share1 for 2018 was $0.00,
compared to ($0.03) for 2017.
1
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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.
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Strategic Priorities Update
Grow New and Existing Client Relationships. In the fourth quarter, with the addition of Callcap and Telmetrics, Marchex
added more than 300 new clients, including enterprise brands in verticals like Auto, Healthcare, Home Services, Telecommunications
and Small and Medium-Sized Business Resellers.
Accelerate Product Innovation. In 2018, Marchex expanded its conversational data footprint to more than one billion
minutes of consumer-to-business conversations. This foundational asset gives Marchex one of the largest data sets to leverage as a
building block for innovation in developing new sales acceleration solutions to help businesses grow.
During the year, the company significantly grew its data science organization and also launched the Marchex Innovation
Development (MIND) Lab, a new research and development group, to support product innovation and help businesses engage and nurture
customer relationships across communications channels, including voice and text. The MIND Lab is incubating new
technologies and products utilizing Marchex’s continuing investment in speech technology, artificial intelligence, personalized
customer solutions and conversational analytics. Marchex appointed Dr. Junmei Zhong, a pioneer in artificial intelligence
(AI) and natural language processing (NLP), as the Company’s Chief AI Scientist.
Expanded conversational analytics leadership with the acquisition of Callcap. In addition to the company’s previously
announced acquisition of Telmetrics, in November, Marchex announced the acquisition of Callcap, a leading call monitoring and
analytics company. With the addition of Callcap, Marchex adds a team that specializes in call monitoring and analytics solutions
for more than twelve industry verticals, including home services, healthcare, automotive, and telecommunications. Callcap’s
innovative technology powers complex, custom evaluations of millions of calls each month, providing deep insights into consumer and
business conversations with numerous integrations into the call center environments of many franchise businesses.
“In 2018, we made considerable progress in building a leading conversation analytics company through a combination of product
innovation, customer progress and strategic initiatives, which is helping to accelerate our growth,” said Mike Arends, Chief
Financial Officer. “In 2019, we expect to leverage our industry leading conversational data assets based on hundreds of millions of
consumers-to-businesses conversations to introduce new sales acceleration solutions that solve critical pain points for our
customers. As we expand to include new communication channels across voice and text, we will continue to invest in our artificial
intelligence and data science initiatives to create more long-term growth opportunities for Marchex.”
Business Outlook
The following forward-looking statements reflect Marchex's expectations as of February 13, 2019.
- For the first quarter, the Company anticipates $12.5 million or more in Marchex’s core analytics
revenue, representing a more than 50% increase year-over-year.
- For the first quarter, the Company anticipates seeing stabilization or potentially a modest increase
in revenue related to Marchex’s marketplace products as compared to the fourth quarter 2018.
Financial Guidance for the First Quarter ending March 31, 2019
Total Revenue |
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$25 million or more |
Income (loss) from operations |
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($3) million or better |
Adjusted OIBA1,2 |
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breakeven or better |
Adjusted EBITDA1,2 |
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$1 million or better |
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2
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First quarter GAAP income (loss) from operations is expected to be ($3) million or better,
assuming stock-based compensation and amortization of intangibles between $2.8 and $3 million for the quarter.
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Conference Call and Webcast Information
Management will hold a conference call, starting at 5:00 p.m. ET on Wednesday, February 13, 2019 to discuss its fourth quarter
and year ended December 31, 2018 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 two hours after completion of the call.
About Marchex
Marchex understands the best customers are those who call your company - they convert faster, buy more, and churn less. Marchex
provides solutions that help companies drive more calls, understand what happens on those calls, and convert more of those callers
into customers. Our actionable intelligence strengthens the connection between companies and their customers, bridging the physical
and digital world, to help brands maximize their marketing investments and operating efficiencies to acquire the best
customers.
Please visit http://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 including but not limited to product demand, order cancellations and delays, competition and general
economic conditions. These factors are described in greater detail 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 13, 2019 and
Marchex undertakes no duty to update the information provided herein.
In the event the press release contains links to third party websites or materials, the links are provided solely as a
convenience to you. Marchex is not responsible for the content of linked third-party sites or materials and does not make any
representations regarding the content or accuracy thereof.
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 Adjusted OIBA, Adjusted
EBITDA, and Adjusted non-GAAP income (loss) per share. Marchex also provides Enterprise Revenue, which represents revenue excluding
Yellowpages.com LLC (“YP”) revenue generating contracts and, subsequent to Dex Media, Inc.’s acquisition of YP (collectively
“DexYP”), DexYP revenue generating contracts.
Adjusted OIBA represents income (loss) from operations excluding stock-based compensation
expense, amortization of intangible assets from acquisitions, and acquisition related costs. This measure, among other things, is
one of the primary metrics by which Marchex evaluates the performance of its business. 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, and acquisition related
costs. Adjusted EBITDA represents income (loss) before interest, income taxes,
depreciation, amortization, stock compensation expense and acquisition related costs. Marchex believes that Adjusted EBITDA is
another alternative measure of liquidity to GAAP net cash provided by (used in) 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. Financial analysts and investors may use Adjusted OIBA and Adjusted EBITDA and Enterprise Revenue to help
with comparative financial evaluation to make informed investment decisions. Adjusted non-GAAP income
(loss) per share represents Adjusted non-GAAP income (loss) 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 related
costs, (3) interest and other income (expense), and (4) amortization of intangible assets from acquisitions. Financial
analysts and investors may use Adjusted non-GAAP income (loss) per share 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.
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MARCHEX, INC. AND SUBSIDIARIES |
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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December 31, |
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December 31, |
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2017 |
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2018 |
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2017 |
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2018 |
Revenue |
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$ |
21,847 |
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$ |
23,131 |
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$ |
90,291 |
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$ |
85,251 |
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Expenses: |
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Service costs (1) |
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11,649 |
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12,720 |
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49,339 |
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47,804 |
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Sales and marketing (1) |
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3,577 |
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3,513 |
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15,652 |
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13,788 |
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Product development (1) |
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4,285 |
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4,041 |
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18,094 |
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15,423 |
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General and administrative (1) |
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2,999 |
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2,798 |
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13,567 |
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10,881 |
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Amortization of intangible assets from acquisitions |
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— |
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781 |
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— |
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781 |
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Acquisition related costs |
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— |
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352 |
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— |
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462 |
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Total operating expenses |
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22,510 |
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24,205 |
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96,652 |
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89,139 |
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Loss from operations |
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(663 |
) |
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(1,074 |
) |
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(6,361 |
) |
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(3,888 |
) |
Interest income and other, net |
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182 |
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249 |
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316 |
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1,054 |
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Loss before provision for income taxes |
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(481 |
) |
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(825 |
) |
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(6,045 |
) |
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(2,834 |
) |
Income tax expense (benefit) |
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5 |
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(188 |
) |
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42 |
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(156 |
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Net loss |
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(486 |
) |
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(637 |
) |
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(6,087 |
) |
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(2,678 |
) |
Dividends applicable to participating securities |
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(355 |
) |
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— |
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(355 |
) |
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— |
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Net loss applicable to common stockholders |
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$ |
(841 |
) |
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$ |
(637 |
) |
|
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$ |
(6,442 |
) |
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$ |
(2,678 |
) |
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Basic and diluted net loss per Class A share applicable to common stockholders |
|
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$ |
(0.02 |
) |
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$ |
(0.01 |
) |
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$ |
(0.16 |
) |
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$ |
(0.06 |
) |
Basic and diluted net loss per Class B share applicable to common stockholders |
|
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$ |
(0.02 |
) |
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$ |
(0.01 |
) |
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$ |
(0.15 |
) |
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$ |
(0.06 |
) |
Dividends per share |
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$ |
0.50 |
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$ |
— |
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$ |
0.50 |
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$ |
— |
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Shares used to calculate basic net loss per share applicable to common
stockholders: |
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Class A |
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5,056 |
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5,056 |
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5,056 |
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|
5,056 |
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Class B |
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37,930 |
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37,823 |
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37,657 |
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|
37,389 |
|
Shares used to calculate diluted net loss per share applicable to common
stockholders: |
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Class A |
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5,056 |
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|
5,056 |
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|
5,056 |
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|
5,056 |
|
Class B |
|
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42,987 |
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42,880 |
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42,713 |
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|
42,446 |
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(1) Includes stock-based compensation allocated as follows: |
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Service costs |
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$ |
130 |
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$ |
97 |
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$ |
515 |
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|
$ |
435 |
|
Sales and marketing |
|
|
|
246 |
|
|
|
|
152 |
|
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|
|
1,014 |
|
|
|
|
563 |
|
Product development |
|
|
|
182 |
|
|
|
|
80 |
|
|
|
|
679 |
|
|
|
|
356 |
|
General and administrative |
|
|
|
539 |
|
|
|
|
376 |
|
|
|
|
2,389 |
|
|
|
|
1,686 |
|
Total |
|
|
$ |
1,097 |
|
|
|
$ |
705 |
|
|
|
$ |
4,597 |
|
|
|
$ |
3,040 |
|
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MARCHEX, INC. AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
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|
December 31, |
|
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December 31, |
|
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|
2017 |
|
|
2018 |
Assets |
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Current assets: |
|
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|
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Cash and cash equivalents |
|
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$ |
104,190 |
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$ |
45,230 |
|
Accounts receivable, net |
|
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|
14,860 |
|
|
|
|
15,486 |
|
Prepaid expenses and other current assets |
|
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|
2,041 |
|
|
|
|
3,369 |
|
Total current assets |
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|
121,091 |
|
|
|
|
64,085 |
|
Property and equipment, net |
|
|
|
2,405 |
|
|
|
|
2,921 |
|
Other assets, net |
|
|
|
326 |
|
|
|
|
917 |
|
Goodwill |
|
|
|
— |
|
|
|
|
24,692 |
|
Intangible assets from acquisitions, net |
|
|
|
— |
|
|
|
|
20,697 |
|
Total assets |
|
|
$ |
123,822 |
|
|
|
$ |
113,312 |
|
Liabilities and Stockholders’ Equity |
|
|
|
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Current liabilities: |
|
|
|
|
|
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Accounts payable |
|
|
$ |
4,928 |
|
|
|
$ |
5,968 |
|
Accrued expenses and other current liabilities |
|
|
|
5,585 |
|
|
|
|
7,195 |
|
Deferred revenue and deposits |
|
|
|
313 |
|
|
|
|
1,782 |
|
Dividends payable |
|
|
|
21,907 |
|
|
|
|
— |
|
Total current liabilities |
|
|
|
32,733 |
|
|
|
|
14,945 |
|
Other non-current liabilities |
|
|
|
1,090 |
|
|
|
|
3,341 |
|
Total liabilities |
|
|
|
33,823 |
|
|
|
|
18,286 |
|
Stockholders’ equity: |
|
|
|
|
|
|
Class A common stock |
|
|
|
53 |
|
|
|
|
53 |
|
Class B common stock |
|
|
|
387 |
|
|
|
|
370 |
|
Additional paid-in capital |
|
|
|
343,268 |
|
|
|
|
350,801 |
|
Accumulated deficit |
|
|
|
(253,709 |
) |
|
|
|
(256,198 |
) |
Total stockholders’ equity |
|
|
|
89,999 |
|
|
|
|
95,026 |
|
Total liabilities and stockholders’ equity |
|
|
$ |
123,822 |
|
|
|
$ |
113,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MARCHEX, INC. AND SUBSIDIARIES |
(in thousands) |
(unaudited) |
|
Reconciliation of GAAP Loss from Operations to Adjusted Operating
Income Before Amortization (OIBA) |
|
|
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
Loss from operations |
|
|
$ |
(663 |
) |
|
|
$ |
(1,074 |
) |
|
|
$ |
(6,361 |
) |
|
|
$ |
(3,888 |
) |
Stock-based compensation |
|
|
|
1,097 |
|
|
|
|
705 |
|
|
|
|
4,597 |
|
|
|
|
3,040 |
|
Amortization of intangible assets from acquisitions |
|
|
|
— |
|
|
|
|
781 |
|
|
|
|
— |
|
|
|
|
781 |
|
Acquisition related costs |
|
|
|
— |
|
|
|
|
352 |
|
|
|
|
— |
|
|
|
|
462 |
|
Adjusted operating income before amortization (Adjusted
OIBA)1 |
|
|
$ |
434 |
|
|
|
$ |
764 |
|
|
|
$ |
(1,764 |
) |
|
|
$ |
395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net Cash provided by Operating Activities to Adjusted EBITDA
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
Net cash provided by operating activities |
|
|
$ |
0 |
|
|
|
$ |
989 |
|
|
|
$ |
1,692 |
|
|
|
$ |
5,051 |
|
Changes in assets and liabilities |
|
|
|
1,136 |
|
|
|
|
317 |
|
|
|
|
(392 |
) |
|
|
|
(2,092 |
) |
Income tax expense (benefit) |
|
|
|
5 |
|
|
|
|
(188 |
) |
|
|
|
42 |
|
|
|
|
(156 |
) |
Acquisition related costs |
|
|
|
— |
|
|
|
|
352 |
|
|
|
|
— |
|
|
|
|
462 |
|
Interest income and other, net |
|
|
|
(182 |
) |
|
|
|
(249 |
) |
|
|
|
(316 |
) |
|
|
|
(1,054 |
) |
Adjusted EBITDA1 |
|
|
$ |
959 |
|
|
|
$ |
1,221 |
|
|
|
$ |
1,026 |
|
|
|
$ |
2,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
$ |
(288 |
) |
|
|
$ |
(34,407 |
) |
|
|
$ |
(1,577 |
) |
|
|
$ |
(36,563 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
$ |
101 |
|
|
|
$ |
43 |
|
|
|
$ |
125 |
|
|
|
$ |
(27,448 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
Includes reorganization costs of approximately $700,000 in Q1 2017. |
|
|
|
|
|
Revenue Reconciliations
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2017 |
|
|
2018
|
|
|
2017 |
|
|
2018 |
Revenue |
|
|
$ |
21,847 |
|
|
$ |
23,131 |
|
|
$ |
90,291 |
|
|
$ |
85,251 |
Less: YP or DexYP Revenue |
|
|
|
4,197 |
|
|
|
6,431 |
|
|
|
19,013 |
|
|
|
19,914 |
Enterprise Revenue2 |
|
|
$ |
17,650 |
|
|
$ |
16,700 |
|
|
$ |
71,278 |
|
|
$ |
65,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
Enterprise Revenue represents total revenue less revenue generated from contracts
with YP, and for the 2018 period, total revenue less revenue generated from contracts with YP and Dex Media, Inc. (collectively
“DexYP”). In 2017, Dex Media, Inc. acquired YP Holdings LLC, which is the parent company of YP. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
Core Analytics revenue3 |
|
|
$ |
7,385 |
|
|
$ |
10,860 |
|
|
$ |
29,406 |
|
|
$ |
35,390 |
Marketplace, Local Leads, and other analytics4 |
|
|
|
14,462 |
|
|
|
12,271 |
|
|
|
60,885 |
|
|
|
49,861 |
Total Revenue |
|
|
$ |
21,847 |
|
|
$ |
23,131 |
|
|
$ |
90,291 |
|
|
$ |
85,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
Core analytics revenue includes revenue from analytics customers, including those
that are purchasing or buying products derived from the company’s speech technology platform. |
4 |
|
|
Includes revenue from marketplace, local leads and from tests, consulting services or
other analytics revenues that may continue for a limited time but are not anticipated to continue in future periods. |
|
|
|
|
|
MARCHEX, INC. AND SUBSIDIARIES |
|
Reconciliation of GAAP Net Loss per Share to Adjusted Non-GAAP Income
(Loss) per Share |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
Three Months Ended
December 31,
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
Adjusted Non-GAAP income (loss) per share |
|
|
$ |
0.01 |
|
|
|
$ |
0.02 |
|
|
|
$ |
(0.03 |
) |
|
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per Class B share applicable to common stockholders - diluted
(GAAP loss per share)
|
|
|
$ |
(0.02 |
) |
|
|
$ |
(0.01 |
) |
|
|
$ |
(0.15 |
) |
|
|
$ |
(0.06 |
) |
Shares used to calculate diluted net loss per share applicable to
common stockholders
|
|
|
|
42,987 |
|
|
|
|
42,880 |
|
|
|
|
42,713 |
|
|
|
|
42,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss applicable to common stockholders |
|
|
$ |
(841 |
) |
|
|
$ |
(637 |
) |
|
|
$ |
(6,442 |
) |
|
|
$ |
(2,678 |
) |
Stock-based compensation |
|
|
|
1,097 |
|
|
|
|
705 |
|
|
|
|
4,597 |
|
|
|
|
3,040 |
|
Acquisition related costs |
|
|
|
— |
|
|
|
|
352 |
|
|
|
|
— |
|
|
|
|
462 |
|
Amortization of intangible assets from acquisitions |
|
|
|
— |
|
|
|
|
781 |
|
|
|
|
— |
|
|
|
|
781 |
|
Interest (income) expense and other, net |
|
|
|
(182 |
) |
|
|
|
(249 |
) |
|
|
|
(316 |
) |
|
|
|
(1,054 |
) |
Dividends applicable to participating securities |
|
|
|
355 |
|
|
|
|
— |
|
|
|
|
355 |
|
|
|
|
— |
|
Estimated impact of income taxes |
|
|
|
(151 |
) |
|
|
|
(231 |
) |
|
|
|
575 |
|
|
|
|
(350 |
) |
Adjusted Non-GAAP net income (loss) |
|
|
$ |
278 |
|
|
|
$ |
721 |
|
|
|
$ |
(1,231 |
) |
|
|
$ |
201 |
|
Adjusted Non-GAAP income (loss) per share |
|
|
$ |
0.01 |
|
|
|
$ |
0.02 |
|
|
|
$ |
(0.03 |
) |
|
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to calculate diluted net loss per Class B share applicable to common
stockholders (GAAP) |
|
|
|
42,987 |
|
|
|
|
42,880 |
|
|
|
|
42,713 |
|
|
|
|
42,446 |
|
Weighted average stock options and common shares subject to purchase or
cancellation (if applicable) |
|
|
|
339 |
|
|
|
|
274 |
|
|
|
|
— |
|
|
|
|
301 |
|
Diluted shares used to calculate Adjusted Non-GAAP income (loss) per share
1 |
|
|
|
43,326 |
|
|
|
|
43,154 |
|
|
|
|
42,713 |
|
|
|
|
42,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
For the purpose of computing the number of diluted shares for Adjusted Non-GAAP
income (loss) per share, Marchex uses the accounting guidance that would be applicable for computing the number of diluted
shares for GAAP net income (loss) per share. |
![](https://cts.businesswire.com/ct/CT?id=bwnews&sty=20190213005746r1&sid=mstr3&distro=nx&lang=en)
Trevor Caldwell
Marchex Investor Relations
Telephone: 206.331.3600
Email: ir@marchex.com
or
MEDIA INQUIRIES
Marchex Corporate Communications
Telephone: 206.331.3434
Email: marchex@edelman.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190213005746/en/