ValueClick, Inc. (Nasdaq: VCLK) today reported financial results for the second quarter ended June 30, 2012. Revenue, adjusted-EBITDA 1 and earnings per share metrics all exceeded the high-end of previously-issued guidance ranges.
Financial highlights from the quarter include:
- Revenue of $161.0 million, up 29 percent from the second quarter of 2011 (Q2 2011);
- Adjusted-EBITDA of $49.5 million, up 33 percent from Q2 2011;
- Adjusted-EBITDA margin of 30.7 percent versus 29.6 percent in Q2 2011;
- Non-GAAP net income 2 of $0.37 per diluted share versus $0.28 in Q2 2011;
- GAAP net income of $0.25 per diluted share versus $0.21 in Q2 2011; and
- $88.2 million in cash and $172.5 million in debt as of June 30, 2012.
Additional highlights include:
- The repurchase of 5.9 million shares of the Company's outstanding common stock in Q2 2012 and a $100 million increased authorization of the share repurchase program;
- A $50 million increase in the Company's credit facility; and
- The consolidation of the Mediaplex technology business into the Media segment, resulting in three segments: Media, Affiliate Marketing, and Owned & Operated.
"We delivered another quarter of strong financial results, while further leveraging our unique data, traffic and services capabilities to become a more strategic partner for our clients," said James R. Zarley, chief executive officer of ValueClick. "As illustrated in our share repurchase activity, we remain confident in our ability to become the partner of choice for the largest, most sophisticated digital advertisers and capitalize on the growth opportunities in our industry."______________________________ 1 Adjusted-EBITDA is defined as GAAP (Generally Accepted Accounting Principles) net income before interest, income taxes, depreciation, amortization, and stock-based compensation expenses. Please see the attached schedule for a reconciliation of GAAP net income to adjusted-EBITDA, and a discussion of why the Company believes adjusted-EBITDA is a useful financial measure to investors and how Company management uses this financial measure. 2 Non-GAAP net income excludes stock-based compensation and amortization of intangible assets. Please see the attached schedule for a reconciliation of GAAP net income to non-GAAP diluted net income per common share. Share Repurchase and Credit Facility Update During the second quarter, ValueClick repurchased approximately 5.9 million shares of the Company's outstanding common stock for approximately $99.5 million. On June 28, ValueClick's board of directors authorized a $100 million increase to the program, such that $100.5 million of the Company's capital may be used to repurchase shares of the Company's common stock going forward. ValueClick anticipates funding the program through free cash flow generation and its credit facility.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV