Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ReachLocal Inc | rloc20151217_8k.htm |
| EX-99.1 - PRESS RELEASE - ReachLocal Inc | ex99-1.htm |
Exhibit 99.2
REACHLOCAL, INC.
UNAUDITED RECONCILIATION OF PRO-FORMA FINANCIAL INFORMATION EXCLUDING THE UNITED KINGDOM
(in thousands)
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
|
March 31, 2015 |
March 31, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Revenue by Channel (North America) (1): |
||||||||||||||||||||||||
|
Direct Local |
$ | 45,926 | - | $ | 45,926 | $ | 56,264 | - | $ | 56,264 | ||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
17,573 | - | 17,573 | 20,824 | - | 20,824 | ||||||||||||||||||
|
Revenue by Channel (International): |
||||||||||||||||||||||||
|
Direct Local |
32,809 | 6,496 | 26,313 | 42,303 | 10,432 | 31,871 | ||||||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
3,255 | 294 | 2,961 | 5,345 | 818 | 4,527 | ||||||||||||||||||
|
Consolidated Revenue |
$ | 99,563 | 6,790 | $ | 92,773 | $ | 124,736 | 11,250 | $ | 113,486 | ||||||||||||||
|
Consolidated Adjusted EBITDA (2) |
$ | (3,785 | ) | (1,913 | ) | $ | (1,872 | ) | $ | 2,261 | 905 | $ | 1,356 | |||||||||||
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
|
June 30, 2015 |
June 30, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Revenue by Channel (North America) (1): |
||||||||||||||||||||||||
|
Direct Local |
$ | 46,189 | - | $ | 46,189 | $ | 54,944 | - | $ | 54,944 | ||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
17,787 | - | 17,787 | 22,024 | - | 22,024 | ||||||||||||||||||
|
Revenue by Channel (International): |
||||||||||||||||||||||||
|
Direct Local |
31,085 | 6,380 | 24,705 | 42,218 | 8,215 | 34,003 | ||||||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
3,715 | 187 | 3,528 | 4,367 | 683 | 3,684 | ||||||||||||||||||
|
Consolidated Revenue |
$ | 98,776 | 6,567 | $ | 92,209 | $ | 123,553 | 8,898 | $ | 114,655 | ||||||||||||||
|
Consolidated Adjusted EBITDA (2) |
$ | 715 | (22 | ) | $ | 737 | $ | (1,904 | ) | (1,753 | ) | $ | (151 | ) | ||||||||||
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
|
September 30, 2015 |
September 30, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Revenue by Channel (North America) (1): |
||||||||||||||||||||||||
|
Direct Local |
$ | 45,007 | - | $ | 45,007 | $ | 49,842 | - | $ | 49,842 | ||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
17,276 | - | 17,276 | 21,438 | - | 21,438 | ||||||||||||||||||
|
Revenue by Channel (International): |
||||||||||||||||||||||||
|
Direct Local |
28,580 | 6,703 | 21,877 | 42,072 | 8,177 | 33,895 | ||||||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
4,419 | 161 | 4,258 | 4,271 | 530 | 3,741 | ||||||||||||||||||
|
Consolidated Revenue |
$ | 95,282 | 6,864 | $ | 88,418 | $ | 117,623 | 8,707 | $ | 108,916 | ||||||||||||||
|
Consolidated Adjusted EBITDA (2) |
$ | 1,629 | 32 | $ | 1,597 | $ | (3,843 | ) | (559 | ) | $ | (3,284 | ) | |||||||||||
|
Three Months Ended |
||||||||||||
|
December 31, 2014 |
||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
||||||||||
|
Revenue by Channel (North America) (1): |
||||||||||||
|
Direct Local |
$ | 47,408 | - | $ | 47,408 | |||||||
|
National Brands, Agencies and Resellers (NBAR) |
20,351 | - | 20,351 | |||||||||
|
Revenue by Channel (International): |
||||||||||||
|
Direct Local |
37,771 | 7,226 | 30,545 | |||||||||
|
National Brands, Agencies and Resellers (NBAR) |
3,479 | 360 | 3,119 | |||||||||
|
Consolidated Revenue |
$ | 109,009 | 7,586 | $ | 101,423 | |||||||
|
Consolidated Adjusted EBITDA (2) |
$ | (5,924 | ) | (1,521 | ) | $ | (4,403 | ) | ||||
|
Nine Months Ended |
Nine Months Ended |
|||||||||||||||||||||||
|
September 30, 2015 |
September 30, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Revenue by Channel (North America) (1): |
||||||||||||||||||||||||
|
Direct Local |
$ | 137,118 | - | $ | 137,118 | $ | 161,050 | - | $ | 161,050 | ||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
52,639 | - | 52,639 | 64,286 | - | 64,286 | ||||||||||||||||||
|
Revenue by Channel (International): |
||||||||||||||||||||||||
|
Direct Local |
92,474 | 19,578 | 72,896 | 126,593 | 26,824 | 99,769 | ||||||||||||||||||
|
National Brands, Agencies and Resellers (NBAR) |
11,389 | 642 | 10,747 | 13,983 | 2,031 | 11,952 | ||||||||||||||||||
|
Consolidated Revenue |
$ | 293,620 | 20,220 | $ | 273,400 | $ | 365,912 | 28,855 | $ | 337,057 | ||||||||||||||
|
Consolidated Adjusted EBITDA (2) |
$ | (1,442 | ) | (1,903 | ) | $ | 461 | $ | (3,486 | ) | (1,407 | ) | $ | (2,079 | ) | |||||||||
|
(1) North America includes the United States and Canada. International includes all other countries. |
|
(2) Adjusted EBITDA is defined as net income (loss) from continuing operations before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, the effects of accounting for business combinations (including any impairment of acquired intangibles and goodwill), restructuring charges, and other non-operating income or expense. |
REACHLOCAL, INC.
UNAUDITED RECONCILIATION OF PRO-FORMA FINANCIAL INFORMATION EXCLUDING THE UNITED KINGDOM
(in thousands)
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
|
March 31, 2015 |
March 31, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Operating loss |
$ | (12,527 | ) | (1,973 | ) | $ | (10,554 | ) | $ | (8,369 | ) | 828 | $ | (9,197 | ) | |||||||||
|
Add: |
- | - | ||||||||||||||||||||||
|
Depreciation and amortization |
5,134 | 60 | 5,074 | 4,222 | 77 | 4,145 | ||||||||||||||||||
|
Stock-based compensation |
2,146 | - | 2,146 | 4,571 | - | 4,571 | ||||||||||||||||||
|
Acquisition and integration costs |
7 | - | 7 | 14 | - | 14 | ||||||||||||||||||
|
Restructuring charges |
1,455 | - | 1,455 | 1,823 | - | 1,823 | ||||||||||||||||||
|
Adjusted EBITDA (1) |
$ | (3,785 | ) | (1,913 | ) | $ | (1,872 | ) | $ | 2,261 | 905 | $ | 1,356 | |||||||||||
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
|
June 30, 2015 |
June 30, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Operating loss |
$ | (9,785 | ) | (174 | ) | $ | (9,611 | ) | $ | (11,626 | ) | (1,828 | ) | $ | (9,798 | ) | ||||||||
|
Add: |
- | - | ||||||||||||||||||||||
|
Depreciation and amortization |
5,149 | 58 | 5,091 | 4,018 | 75 | 3,943 | ||||||||||||||||||
|
Stock-based compensation |
2,214 | - | 2,214 | 3,476 | - | 3,476 | ||||||||||||||||||
|
Acquisition and integration costs |
4 | - | 4 | 2 | - | 2 | ||||||||||||||||||
|
Restructuring charges |
3,133 | 94 | 3,039 | 2,226 | - | 2,226 | ||||||||||||||||||
|
Adjusted EBITDA (1) |
$ | 715 | (22 | ) | $ | 737 | $ | (1,904 | ) | (1,753 | ) | $ | (151 | ) | ||||||||||
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||
|
September 30, 2015 |
September 30, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Operating loss |
$ | (34,063 | ) | (39 | ) | $ | (34,024 | ) | $ | (11,457 | ) | (628 | ) | $ | (10,829 | ) | ||||||||
|
Add: |
- | |||||||||||||||||||||||
|
Depreciation and amortization |
4,712 | 57 | 4,655 | 4,355 | 69 | 4,286 | ||||||||||||||||||
|
Stock-based compensation |
2,195 | - | 2,195 | 2,671 | - | 2,671 | ||||||||||||||||||
|
Acquisition and integration costs |
2 | - | 2 | 70 | - | 70 | ||||||||||||||||||
|
Restructuring charges |
983 | 14 | 969 | 518 | - | 518 | ||||||||||||||||||
|
Impairment of goodwill |
27,800 | - | 27,800 | - | - | - | ||||||||||||||||||
|
Adjusted EBITDA (1) |
$ | 1,629 | 32 | $ | 1,597 | $ | (3,843 | ) | (559 | ) | $ | (3,284 | ) | |||||||||||
|
Three Months Ended |
||||||||||||
|
December 31, 2014 |
||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
||||||||||
|
Operating loss |
$ | (14,660 | ) | (1,620 | ) | $ | (13,040 | ) | ||||
|
Add: |
- | |||||||||||
|
Depreciation and amortization |
4,799 | 61 | 4,738 | |||||||||
|
Stock-based compensation |
2,542 | - | 2,542 | |||||||||
|
Acquisition and integration costs |
35 | - | 35 | |||||||||
|
Restructuring charges |
1,360 | 38 | 1,322 | |||||||||
|
Adjusted EBITDA (1) |
$ | (5,924 | ) | (1,521 | ) | $ | (4,403 | ) | ||||
|
Nine Months Ended |
Nine Months Ended |
|||||||||||||||||||||||
|
September 30, 2015 |
September 30, 2014 |
|||||||||||||||||||||||
|
As Reported |
United Kingdom |
Pro-Forma |
As Reported |
United Kingdom |
Pro-Forma |
|||||||||||||||||||
|
Operating loss |
$ | (56,376 | ) | (2,186 | ) | $ | (54,190 | ) | $ | (31,452 | ) | (1,628 | ) | $ | (29,824 | ) | ||||||||
|
Add: |
||||||||||||||||||||||||
|
Depreciation and amortization |
14,995 | 175 | 14,820 | 12,595 | 221 | 12,374 | ||||||||||||||||||
|
Stock-based compensation |
6,556 | - | 6,556 | 10,718 | - | 10,718 | ||||||||||||||||||
|
Acquisition and integration costs |
12 | - | 12 | 86 | - | 86 | ||||||||||||||||||
|
Restructuring charges |
5,571 | 108 | 5,463 | 4,567 | - | 4,567 | ||||||||||||||||||
|
Impairment of goodwill |
27,800 | - | 27,800 | - | - | - | ||||||||||||||||||
|
Adjusted EBITDA (1) |
$ | (1,442 | ) | (1,903 | ) | $ | 461 | $ | (3,486 | ) | (1,407 | ) | $ | (2,079 | ) | |||||||||
|
(1) Adjusted EBITDA is defined as net income (loss) from continuing operations before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, the effects of accounting for business combinations (including any impairment of acquired intangibles and goodwill), restructuring charges, and other non-operating income or expense. |