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ValueClick Announces Second Quarter 2012 Results

On June 28, ValueClick announced a $50 million increase in the amount available under its credit facility. The Company's total credit facility now consists of: 1) a $200 million revolver (previously $150 million) with an outstanding balance of $130 million as of June 30, 2012; and 2) a term loan with an outstanding balance as of June 30, 2012 of $42.5 million.

New Segment Reporting Structure

Starting with Q2 2012 results, ValueClick will report three segments: Media, which now includes the Mediaplex technology businesses; Affiliate Marketing; and Owned & Operated. The decision to consolidate Mediaplex into the Media segment is being driven by increased revenue synergies between Mediaplex's advertiser base and Media's display offerings.

"Given our early success with capturing incremental display budgets from Mediaplex's great roster of direct advertisers, it makes sense to fast-track the consolidation of these two segments," said John Giuliani, chief operating officer of ValueClick. "It's great to see some early success from our strategy of providing an integrated offering to our advertisers."

A trended schedule of ValueClick's new reporting segment results is available under the "Featured Presentations" section of ValueClick's investor relations page at

Business Outlook

Today, ValueClick is providing guidance for the third and fourth quarters of 2012:
    Q3 Guidance   Q4 Guidance
Revenue   $164-$169 million   $200-$210 million
Adjusted-EBITDA   $49-$51 million   $68-$72 million
Mid-Point Adjusted-EBITDA Margin   30.0%   34.1%
Non-GAAP diluted net income per common share   $0.36-$0.37   $0.52-0.53
Impact of stock-based compensation and amortization of intangibles, net of tax  

GAAP diluted net income per common share   $0.24-$0.25   $0.42-$0.43

The consolidated revenue guidance ranges are based on the following segment-level assumptions for revenue growth rates expressed as a percentage increase from third and fourth quarter 2011 reported revenue levels:

● Affiliate Marketing:
Q3 and Q4: up high single-digits

● Media:
Q3: up over 50 percent on a reported basis, up low/mid twenties on a pro forma basis*; Q4: up mid twenties

● Owned & Operated:
Q3 and Q4: down mid teens


* The financial results of Dotomi were included in ValueClick's reported Q3 2011 financial results as of its August 31, 2011 acquisition date. In the two months of Q3 2011 prior to its acquisition, Dotomi generated revenue of $15.6 million.

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