ValueClick, Inc. (NASDAQ: VCLK) today reported financial results for the second quarter ended June 30, 2013. Adjusted-EBITDA 1 was within its previously-issued guidance range.
“The continued strong performance by our higher value add offerings demonstrate that we are moving in the right direction, as evidenced by our strong earnings in the quarter and record free cash flow,” said John Giuliani, president and chief executive officer of ValueClick. “Despite some top line weakness in the quarter from our insertion order-driven display business, we made great progress on our integration initiatives. In addition, our significant affiliate marketing client wins during Q2 represent a great addition to our roster of direct, strategic relationships with major advertisers and provide us with an even stronger base for sustainable, profitable growth in the years to come.”
Highlights from the second quarter of 2013 include:
- Revenue increased 4 percent from the second quarter of 2012 (Q2 2012) to $159.8 million;
- Adjusted-EBITDA increased 12 percent from Q2 2012 to $53.1 million;
- Adjusted-EBITDA margin increased to 33.2 percent from 30.9 percent in Q2 2012;
- Non-GAAP net income 2 per diluted common share of $0.21 was negatively impacted by an impairment charge on a note receivable. Excluding this item, non-GAAP net income per diluted common share would have been $0.39, an 11% increase from Q2 2012;
- Record free cash flow (defined as cash from operations less capital expenditures) for the six and twelve-month periods ended June 30, 2013 of $73.5 million and $152.2 million, respectively;
- Repurchase of 2 million shares of common stock under the share repurchase program for total cost of $52.1 million. Board of Directors increased remaining share repurchase authorization to $200 million;
- Ending cash and cash equivalents balance of $127.1 million and $102.5 million of total debt as of June 30, 2013.