Marchex Announces Second Quarter 2020 Results
Announces Intent to Divest Media Assets to Focus on the Conversational Analytics and Sales Engagement Solutions Opportunity
Q2 2020 Financial Highlights
-
Revenue was
$25.8 million for the second quarter of 2020, compared to$26.3 million for the second quarter of 2019. -
Core analytics and solutions revenue was
$12.5 million for the second quarter of 2020, which included the benefit of$800,000 of second quarter recognized revenues that were reserved at the end of the first quarter. Excluding this amount, core analytics and solutions revenue for the second quarter of 2020 was$11.7 million , compared to$13.4 million for the second quarter of 2019. -
Net loss was
$4.5 million for the second quarter of 2020 or$0.09 per diluted share. For the second quarter of 2019, net loss was$1.1 million or$0.02 per diluted share.
|
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Q2 2019 |
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Q2 2020 |
Revenue |
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|
|
|
Net cash provided by (used in) operating activities |
|
|
|
|
Cash balance |
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|
|
|
Cash balance (net of current debt obligations) |
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|
|
Non-GAAP Results1: |
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|
|
|
Adjusted EBITDA |
|
|
|
|
-
Adjusted non-GAAP income (loss) per share1 for the second quarter of 2020 was (
$0.05 ), compared to$0.01 for the second quarter of 2019.
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. |
COVID-19 Pandemic Impact
The continuing spread of COVID-19 globally has resulted in the disruption to and, in some cases, shutdown of businesses. These events have had an impact on the company’s conversation analytics and solutions volumes, which started declining meaningfully in March and remain down significantly on a year-to-date basis. The company saw an uptick in sales conversation volumes in May and June as the economy reopened, however, volumes for many customers have started to slow again recently, particularly in regions where the spread of COVID-19 continues to grow. Overall call volumes remain down meaningfully, which includes the impacts from many of the customers who have had to close or where the business was forced to cut their cost structure to remain viable. Several items of note related to Marchex’s second quarter financial results:
-
Due to the ongoing COVID-19 impact on its business and financial position, a large auto-related customer is continuing to adjust its operational framework and cost structure in efforts to remain viable. This customer was reserved for in the first quarter, and, although the company was able to collect balances from this customer during the second quarter, it is likely that
Marchex will take a similar action for a portion of the third quarter, due the changing dynamics of this customer’s business. We expect this will reduce our core analytics and solutions revenue stream by approximately$3 million on an annualized basis by the end of the third quarter. The COVID-19 pandemic has severely curtailed the amount of investment this customer plans to make in its operations in 2020 and 2021 and has required it to address its ongoing cost structure, and we anticipate this will result in a different go-to-market approach for future technology deployments. We believe there may be an opportunity with this customer in the future, however, these COVID-related impacts have had an unfortunate near-term impact. -
During the second quarter, we provided a series of options to support our customers including discounts, payment timing and other relief, and, in certain cases, waived minimum package commitments. We also had certain customers experience bankruptcy or radically curtail their operations. We have a handful of customers significantly impacted by the pandemic for which we anticipate in the third or fourth quarters to provide incentives or credits that could total up to
$1 million dollars . These incentives or credits discounts have not been reserved to date.
“With the global pandemic still in full force throughout the second quarter and continuing today, the environment for many of our customers remains fluid,” said
Strategic Priorities Update
The company announces the intent to divest certain assets, including its Local Leads platform and its
-
$2.5 million in cash consideration pro-rata for the disposition percentage; -
$3.5 million in guaranteed year 1 funding for an ongoing shared services agreement post transaction. Year 2 is guaranteed at$1.5 million funding subject to a year 2 minimum revenue threshold. -
A return of 1.5 million stock options currently outstanding. These options had an accounting grant date value of
$4.5 million .
Further conditional consideration as follows:
-
30% of any resale proceeds above a transaction value for Marchex’s disposed stake of greater than
$10 million within 24 months; -
0.25% of revenues from the disposed assets above
$53 million annually for 3 years; -
15% of revenues net of direct variable costs for the Local Leads platform in the event cumulative revenues exceed
$6 million post transaction -
2.5% of revenues net of direct variable costs for the
Call Marketplace for a 24-month period once cumulative revenues exceed$140 million post transaction.
The transaction is subject to a “majority-of-the-minority” shareholder approval and certain other closing conditions and is expected to close in the fourth quarter of 2020.
On a standalone basis, the company believes that core analytics and solutions revenues represent an approximate
Company announces plan to launch tender offer. Today, in a separate press release and 8K filed with the
“We are taking steps to increase our focus on the conversational analytics and sales engagement opportunity,” said
Business Outlook
Due to the continuing uncertainty facing many of our customers and rapidly shifting market conditions in the current business environment, we are not providing revenue or adjusted operating income or adjusted EBITDA guidance for the third quarter.
Conference Call and Webcast Information
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 due to a number of important factors including but not limited to product demand, order cancellations and delays, competition, changes in business strategy or development plans, and general economic and business conditions, as well as the continuing impact of the COVID-19 pandemic on the general economy, our customers and on our business, operations, employees and financial condition. These factors are described in greater detail in the "Risk Factors" section of our most recent periodic report or registration statement filed with the
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 represents income (loss) from operations excluding stock-based compensation expense, amortization of intangible assets from acquisitions, impairment of intangible assets and goodwill, acquisition related costs (benefit), and foreign government paycheck assistance subsidies. This measure, among other things, is one of the primary metrics by which
Additional Information and Where to Find It
In connection with the proposed transaction described in this press release, the Company intends to file with the
Certain Information Regarding Participants
The Company and its directors and executive officers and employees may be deemed to be participants in the solicitation of proxies from the holders of the Company’s Class B common stock in respect of the proposed transaction. Information about the directors and executive officers of the Company is set forth in the Company’s Annual Report on Form 10-K for the year ended
Certain Information Regarding the Tender Offer
The tender offer described in this press release has not yet commenced. The information in this press release describing Marchex’s tender offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares in the tender offer. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related materials, will be filed with the
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||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
||||
Revenue |
|
$ |
26,341 |
|
|
$ |
25,847 |
|
|
$ |
52,747 |
|
|
$ |
50,632 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service costs (1) |
|
|
13,923 |
|
|
|
15,204 |
|
|
|
28,181 |
|
|
|
29,702 |
|
Sales and marketing (1) |
|
|
4,088 |
|
|
|
5,438 |
|
|
|
8,201 |
|
|
|
10,429 |
|
Product development (1) |
|
|
5,005 |
|
|
|
5,886 |
|
|
|
9,573 |
|
|
|
11,929 |
|
General and administrative (1) |
|
|
3,489 |
|
|
|
3,038 |
|
|
|
6,809 |
|
|
|
6,775 |
|
Amortization of intangible assets from acquisitions |
|
|
1,568 |
|
|
|
1,206 |
|
|
|
3,136 |
|
|
|
2,969 |
|
Acquisition and disposition-related costs (benefit) |
|
|
(460 |
) |
|
|
(361 |
) |
|
|
(278 |
) |
|
|
(996 |
) |
Total operating expenses |
|
|
27,613 |
|
|
|
30,411 |
|
|
|
55,622 |
|
|
|
60,808 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,213 |
) |
Impairment of intangible assets from acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,903 |
) |
Loss from operations |
|
|
(1,272 |
) |
|
|
(4,564 |
) |
|
|
(2,875 |
) |
|
|
(30,292 |
) |
Interest income and other, net |
|
|
218 |
|
|
|
32 |
|
|
|
403 |
|
|
|
142 |
|
Loss before provision for income taxes |
|
|
(1,054 |
) |
|
|
(4,532 |
) |
|
|
(2,472 |
) |
|
|
(30,150 |
) |
Income tax expense (benefit) |
|
|
60 |
|
|
|
(24 |
) |
|
|
(59 |
) |
|
|
(767 |
) |
Net loss applicable to common stockholders |
|
$ |
(1,114 |
) |
|
$ |
(4,508 |
) |
|
$ |
(2,413 |
) |
|
$ |
(29,383 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss per Class A and Class B share applicable to common stockholders |
|
$ |
(0.02 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.62 |
) |
Shares used to calculate basic net loss per share applicable to common stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
4,800 |
|
|
|
4,661 |
|
|
|
4,927 |
|
|
|
4,661 |
|
Class B |
|
|
40,554 |
|
|
|
42,385 |
|
|
|
40,193 |
|
|
|
42,382 |
|
Shares used to calculate diluted net loss per share applicable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A |
|
|
4,800 |
|
|
|
4,661 |
|
|
|
4,927 |
|
|
|
4,661 |
|
Class B |
|
|
45,354 |
|
|
|
47,046 |
|
|
|
45,120 |
|
|
|
47,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation allocated as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service costs |
|
$ |
36 |
|
|
$ |
10 |
|
|
$ |
95 |
|
|
$ |
32 |
|
Sales and marketing |
|
|
172 |
|
|
|
291 |
|
|
|
349 |
|
|
|
607 |
|
Product development |
|
|
67 |
|
|
|
97 |
|
|
|
143 |
|
|
|
191 |
|
General and administrative |
|
|
507 |
|
|
|
509 |
|
|
|
740 |
|
|
|
1,134 |
|
Total |
|
$ |
782 |
|
|
$ |
907 |
|
|
$ |
1,327 |
|
|
$ |
1,964 |
|
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
2019 |
|
|
2020 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
42,526 |
|
|
$ |
46,777 |
|
Accounts receivable, net |
|
|
17,809 |
|
|
|
16,148 |
|
Prepaid expenses and other current assets |
|
|
2,084 |
|
|
|
2,444 |
|
Total current assets |
|
|
62,419 |
|
|
|
65,369 |
|
Property and equipment, net |
|
|
3,028 |
|
|
|
3,206 |
|
Right-of-use lease asset |
|
|
5,801 |
|
|
|
6,221 |
|
Other assets, net |
|
|
335 |
|
|
|
1,076 |
|
|
|
|
33,433 |
|
|
|
19,132 |
|
Intangible assets from acquisitions, net |
|
|
19,485 |
|
|
|
10,614 |
|
Total assets |
|
$ |
124,501 |
|
|
$ |
105,618 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,082 |
|
|
$ |
8,321 |
|
Accrued expenses and other current liabilities |
|
|
6,679 |
|
|
|
9,699 |
|
Current portion of acquisition-related liabilities |
|
|
1,111 |
|
|
|
277 |
|
Deferred revenue and deposits |
|
|
1,173 |
|
|
|
1,911 |
|
Lease liability current |
|
|
1,500 |
|
|
|
1,675 |
|
Loan obligations, current |
|
|
— |
|
|
|
5,292 |
|
Total current liabilities |
|
|
17,545 |
|
|
|
27,175 |
|
Deferred tax liabilities |
|
|
981 |
|
|
|
162 |
|
Lease liability non-current |
|
|
5,664 |
|
|
|
5,834 |
|
Non-current portion of acquisition-related liabilities |
|
|
473 |
|
|
|
— |
|
Total liabilities |
|
|
24,663 |
|
|
|
33,171 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Class A common stock |
|
|
49 |
|
|
|
49 |
|
Class B common stock |
|
|
396 |
|
|
|
399 |
|
Additional paid-in capital |
|
|
359,633 |
|
|
|
361,622 |
|
Accumulated deficit |
|
|
(260,240 |
) |
|
|
(289,623 |
) |
Total stockholders’ equity |
|
|
99,838 |
|
|
|
72,447 |
|
Total liabilities and stockholders’ equity |
|
$ |
124,501 |
|
|
$ |
105,618 |
|
|
||||||||||||||||
(in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
Reconciliation of GAAP Loss from Operations to Adjusted Operating Income (Loss) Before Amortization (OIBA) |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
||||
Loss from operations |
|
$ |
(1,272 |
) |
|
$ |
(4,564 |
) |
|
$ |
(2,875 |
) |
|
$ |
(30,292 |
) |
Stock-based compensation |
|
|
782 |
|
|
|
907 |
|
|
|
1,327 |
|
|
|
1,964 |
|
Amortization of intangible assets from acquisitions |
|
|
1,568 |
|
|
|
1,206 |
|
|
|
3,136 |
|
|
|
2,969 |
|
Acquisition and disposition-related costs (benefit) |
|
|
(460 |
) |
|
|
(361 |
) |
|
|
(278 |
) |
|
|
(996 |
) |
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,213 |
|
Impairment of intangible assets from acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,903 |
|
Foreign government paycheck assistance subsidies1 |
|
|
— |
|
|
|
(252 |
) |
|
|
— |
|
|
|
(252 |
) |
Adjusted OIBA |
|
$ |
618 |
|
|
$ |
(3,064 |
) |
|
$ |
1,310 |
|
|
$ |
(6,491 |
) |
1 Includes pandemic related wage relief subsidies, recognized as a reduction of wages during the period received. |
Reconciliation from |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
||||
Net cash provided by (used in) operating activities |
|
$ |
(664 |
) |
|
$ |
1,593 |
|
|
$ |
4,960 |
|
|
$ |
(121 |
) |
Changes in assets and liabilities |
|
|
2,377 |
|
|
|
(3,502 |
) |
|
|
(1,967 |
) |
|
|
(3,212 |
) |
Income tax expense |
|
|
60 |
|
|
|
(24 |
) |
|
|
(59 |
) |
|
|
(767 |
) |
Acquisition and disposition-related costs (benefit) |
|
|
(460 |
) |
|
|
(361 |
) |
|
|
(278 |
) |
|
|
(996 |
) |
Interest income and other, net |
|
|
(218 |
) |
|
|
(32 |
) |
|
|
(403 |
) |
|
|
(142 |
) |
Foreign government paycheck assistance subsidies1 |
|
|
— |
|
|
|
(252 |
) |
|
|
- |
|
|
|
(252 |
) |
Adjusted EBITDA |
|
$ |
1,095 |
|
|
$ |
(2,578 |
) |
|
$ |
2,253 |
|
|
$ |
(5,490 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
$ |
(727 |
) |
|
$ |
(432 |
) |
|
$ |
(870 |
) |
|
$ |
(941 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
$ |
1,501 |
|
|
$ |
5,304 |
|
|
$ |
(1,696 |
) |
|
$ |
5,313 |
|
Revenue Reconciliation |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
||||
Core analytics and solutions revenue2 |
|
$ |
13,399 |
|
|
$ |
12,478 |
|
|
$ |
26,183 |
|
|
$ |
24,244 |
|
Marketplace, Local Leads, and other analytics3 |
|
|
12,942 |
|
|
|
13,369 |
|
|
|
26,564 |
|
|
|
26,388 |
|
Total Revenue |
|
$ |
26,341 |
|
|
$ |
25,847 |
|
|
$ |
52,747 |
|
|
$ |
50,632 |
|
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 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. |
|
||||||||||||||||
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
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
||||
Adjusted Non-GAAP loss per share |
|
$ |
0.01 |
|
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share applicable to common stockholders - diluted (GAAP loss per share) |
|
$ |
(0.02 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.62 |
) |
Shares used to calculate diluted net loss per share applicable to common stockholders |
|
|
45,354 |
|
|
|
47,046 |
|
|
|
45,120 |
|
|
|
47,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss applicable to common stockholders |
|
$ |
(1,114 |
) |
|
$ |
(4,508 |
) |
|
$ |
(2,413 |
) |
|
$ |
(29,383 |
) |
Stock-based compensation |
|
|
782 |
|
|
|
907 |
|
|
|
1,327 |
|
|
|
1,964 |
|
Acquisition and disposition-related costs (benefit) |
|
|
(460 |
) |
|
|
(361 |
) |
|
|
(278 |
) |
|
|
(996 |
) |
Amortization of intangible assets from acquisitions |
|
|
1,568 |
|
|
|
1,206 |
|
|
|
3,136 |
|
|
|
2,969 |
|
Impairment of goodwill |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,213 |
|
Impairment of intangible assets from acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,903 |
|
Interest income and other, net |
|
|
(218 |
) |
|
|
(32 |
) |
|
|
(403 |
) |
|
|
(142 |
) |
Estimated impact of income taxes |
|
|
(94 |
) |
|
|
560 |
|
|
|
(404 |
) |
|
|
449 |
|
Adjusted Non-GAAP income (loss) |
|
$ |
464 |
|
|
$ |
(2,228 |
) |
|
$ |
965 |
|
|
$ |
(5,023 |
) |
Adjusted Non-GAAP income (loss) per share |
|
$ |
0.01 |
|
|
$ |
(0.05 |
) |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to calculate diluted net loss per share applicable to common stockholders (GAAP) |
|
|
45,354 |
|
|
|
47,046 |
|
|
|
45,120 |
|
|
|
47,043 |
|
Weighted average stock options and common shares subject to purchase or cancellation (if applicable) |
|
|
1,078 |
|
|
|
— |
|
|
|
917 |
|
|
|
— |
|
Diluted shares used to calculate Adjusted Non-GAAP income (loss) per share 1 |
|
|
46,432 |
|
|
|
47,046 |
|
|
|
46,037 |
|
|
|
47,043 |
|
1 For the purpose of computing the number of diluted shares for Adjusted Non-GAAP income (loss) per share, |
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss excluding Impairment of |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
||||||||||
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
||||
Net loss applicable to common stockholders (GAAP) |
|
$ |
(1,114 |
) |
|
$ |
(4,508 |
) |
|
$ |
(2,413 |
) |
|
$ |
(29,383 |
) |
Impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,213 |
) |
Impairment of intangible assets from acquisitions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,903 |
) |
Net loss excluding impairment of goodwill and intangible assets (Non-GAAP) |
|
$ |
(1,114 |
) |
|
$ |
(4,508 |
) |
|
$ |
(2,413 |
) |
|
$ |
(49,499 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss applicable to common stockholders - diluted (GAAP loss per share) |
|
$ |
(0.02 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.62 |
) |
Impairment of goodwill per diluted share |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.30 |
|
Impairment of intangible assets from acquisitions per diluted share |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.13 |
|
Net loss excluding impairment of goodwill and intangible assets per diluted share (Non-GAAP) |
|
$ |
(0.02 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to calculate diluted net loss per share applicable to common stockholders (GAAP) and diluted net loss excluding impairment of goodwill and intangible assets (Non-GAAP) |
|
|
45,354 |
|
|
|
47,046 |
|
|
|
45,120 |
|
|
|
47,043 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20200810005669/en/
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