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 http://ir.valueclick.com. 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|
● Affiliate Marketing:
|Q3 and Q4: up high single-digits|
|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|