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ValueClick Announces Third Quarter 2012 Results

Non-GAAP diluted net income per common share, as defined above, may not be similar to non-GAAP diluted net income per common share measures used by other companies and is not a measurement under GAAP. Management believes that non-GAAP diluted net income per common share provides useful information to investors about the Company's performance because it eliminates the effects of items which are not directly attributable to the underlying performance of the Company's business operations. Management uses non-GAAP diluted net income per common share in evaluating the overall performance of the Company's business operations.

Though management finds non-GAAP diluted net income per common share useful for evaluating aspects of the Company's business, its reliance on this measure is limited because excluded items often have a material effect on the Company's earnings and earnings per common share calculated in accordance with GAAP. Therefore, management uses non-GAAP diluted net income per common share in conjunction with GAAP earnings and earnings per common share measures. The Company believes that non-GAAP diluted net income per common share provides investors with an additional tool for evaluating the Company's core performance, which management uses in its own evaluation of overall performance, and a baseline for assessing the future earnings potential of the Company. While the GAAP results are more complete, the Company prefers to allow investors to have this supplemental metric since, with a reconciliation to GAAP, it may provide greater insight into the Company's financial results.

VALUECLICK, INC.

SEGMENT OPERATING RESULTS

(In thousands)

 
Three-month Period Nine-month Period
Ended September 30, Ended September 30,
2012   2011 2012   2011
(Unaudited) (Unaudited)
Affiliate Marketing:
Revenue $ 34,871 $ 32,525 $ 105,583 $ 99,615
Cost of revenue 4,514   4,260   12,890   12,898  
Gross profit 30,357 28,265 92,693 86,717
Operating expenses 10,014   9,457   29,718   28,304  
Segment income from operations $ 20,343   $ 18,808   $ 62,975   $ 58,413  
 
Media:
Revenue $ 96,104 $ 63,062 $ 267,941 $ 159,295
Cost of revenue 38,735   27,052   106,226   71,534  
Gross profit 57,369 36,010 161,715 87,761
Operating expenses 29,722   19,109   86,543   45,145  
Segment income from operations $ 27,647   $ 16,901   $ 75,172   $ 42,616  
 
Owned & Operated Websites:
Revenue $ 29,973 $ 32,388 $ 88,049 $ 94,716
Cost of revenue 17,408   20,917   51,711   60,680  
Gross profit 12,565 11,471 36,338 34,036
Operating expenses 5,451   5,420   17,072   16,298  
Segment income from operations $ 7,114   $ 6,051   $ 19,266   $ 17,738  
 
Reconciliation of segment income from operations to

consolidated income from operations:

Total segment income from operations $ 55,104 $ 41,760 $ 157,413 $ 118,767
Corporate expenses (7,010 ) (6,291 ) (20,779 ) (18,945 )
Stock-based compensation (5,556 ) (3,715 ) (17,390 ) (8,246 )
Amortization of acquired intangible assets included in

cost of revenue

(2,519 ) (2,197 ) (7,504 ) (7,135 )
Amortization of acquired intangible assets included in

operating expenses

(5,782 ) (4,222 ) (18,427 ) (10,319 )
Consolidated income from operations $ 34,237   $ 25,335   $ 93,313   $ 74,122  
 
Reconciliation of segment revenue to consolidated revenue:
Affiliate Marketing $ 34,871 $ 32,525 $ 105,583 $ 99,615
Media 96,104 63,062 267,941 159,295
Owned & Operated Websites 29,973 32,388 88,049 94,716
Inter-segment eliminations (64 ) (59 ) (272 ) (310 )
Consolidated revenue $ 160,884   $ 127,916   $ 461,301   $ 353,316  




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