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--Company Raises 2009 Full-Year Outlook and Issues Preliminary 2010 Guidance
interCLICK, Inc. (OTCBB: INRK), the leading ad network in data and inventory transparency, announced today its results for the quarter ended September 30, 2009. Earlier today, the Company announced that it has been granted approval to list its common stock on The NASDAQ Capital Market. Effective with the commencement of trading on Thursday, November 5, 2009, interCLICK's common stock will trade under the NASDAQ ticker symbol "ICLK."
Summary Results
$ in millions (except per share amounts)
Q3 2009 Q3 2008 Growth
Revenue $ 14.4 $ 5.8 150%
Gross profit $ 7.3 $ 1.7 315%
Gross margin 50.4 % 30.3 %
EBITDA $ 1.4 $ (0.8 ) nm
Free Cash Flow $ 1.4 $ (1.0 ) nm
Operating income (loss) $ 0.7 $ (1.4 ) nm
Net earnings (loss) $ 0.3 $ (3.9 ) nm
EPS $ 0.01 $ (0.20 ) nm
See reconciliation of GAAP to non-GAAP measures on attached
financial tables.
Revenue was $14.4 million, up 150% year-over-year and 35% sequentially, an acceleration from 26% sequential growth in the prior period. Growth was driven primarily by increased demand from existing advertisers as well as strong penetration into new key accounts. The Company previously forecasted that revenue would exceed $12.5 million.
Gross profit margin was 50.4%, 20.1 percentage points higher than the year-ago-period and 5.6 percentage points higher sequentially. Gross margin expansion continued to be driven by supply chain management improvements and efficiencies generated through the Company's advanced proprietary technology platform.
EBITDA, a non-GAAP measure, was $1.4 million, compared to an EBITDA loss of $(0.8) million in the year-ago period and up 637% sequentially compared to $0.2 million. Free Cash Flow was $1.4 million, compared to negative Free Cash Flow of $(1.0) million in the year-earlier period and up 924% sequentially compared to $0.1 million. Growth was driven by improved operating efficiencies leading to a reduction in operating expenses as a percentage of revenue versus the prior year period.
Operating income was $0.7 million, net income was $0.3 million, and EPS was $0.01 per share, compared to losses in the quarters ended September 30, 2008 and June 30, 2009.
"The third quarter was another outstanding quarter for interCLICK," said Michael Mathews, interCLICK's CEO. "Our dedication to effective supply chain management continues to drive client satisfaction and differentiate us in the marketplace. We look forward to ending the year strong and heading into 2010 with significant momentum."
For the nine months ended September 30, 2009, interCLICK had revenue of $33.5 million, an increase of 139% compared to revenue of $14.0 million in the year-earlier period. The Company generated gross profit of $16.0 million, an increase of 336% compared to $3.7 million in the nine months ended September 30, 2008. interCLICK recorded a net loss of $(0.7) million, or $(0.04) per share, compared to a net loss of $(11.4) million, or $(0.62) per share in the same nine months in 2008.
The Company ended the third quarter with cash and cash equivalents of $1.9 million. During the third quarter, the Company increased its credit facility with Crestmark Commercial Capital Lending LLC from $5.5 million to $7.0 million. As part of the amendment to the credit facility, Crestmark also agreed to reduce the monthly servicing fee the Company was previously paying from 0.575% to 0.375%, which translates to a 300 basis point reduction in the Company's effective annualized cost of capital.
Business Outlook
interCLICK expects fourth quarter revenue to exceed $18 million, which would represent year-over-year growth of 110%, and EBITDA to exceed $1.5 million. The Company raised its full year revenue forecast to more than $51 million, an increase of at least 125% compared to 2008, and full year EBITDA of at least $4 million. Previously, the Company had forecasted that full year revenue would exceed $44 million.
The Company announced preliminary guidance for 2010, including revenue growth of at least 55% to $80 million, and EBITDA of at least $9 million.
Conference Call
The Company will host a conference call to discuss its third quarter financial results and business outlook on Wednesday, November 4, 2009, at 4:30 p.m. (EST). The conference call can be accessed by dialing toll-free (888) 819-8033 (U.S.) or (913) 312-0709 (international). A live audiocast of the conference call can be accessed from the Company's website at http://www.interclick.com/MarketWatchV2.aspx. A replay of the audiocast will be available through December 3, 2009.
Reclassifications
Certain amounts in the accompanying financial tables have been reclassified to conform to the third quarter 2009 presentation.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures in evaluating its financial and operational decision making and as a means to evaluate period-to period comparison. Company management believes that the non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of the performance of our core cash operations. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. The Company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key metrics used by management.
EBITDA. As is common in the industry, the Company uses EBITDA as a measure of performance to demonstrate operating income exclusive of interest, taxes, depreciation, and amortization including stock-based compensation. The Company, in its daily management of its business affairs and analysis of its monthly, quarterly and annual performance, makes certain of its decisions based on EBITDA and Free Cash Flow. Since an outside investor may base its evaluation of the Company's performance on the Company's net income or loss, there is a limitation to the EBITDA measurement. EBITDA is not, and should not be considered, an alternative to net income or loss, income or loss from operations or any other measure for determining operating performance of liquidity, as determined under GAAP.
Free Cash Flow. Free Cash Flow measures EBITDA less capital expenditures. Management believes that Free Cash Flow provides meaningful information about the Company's liquidity and future cash availability to fund its operations. A limitation of using Free Cash Flow versus the GAAP measure of net cash provided by operating activities is that the Free Cash Flow does not represent the total increase or decreases in the cash balance from operations for the period.
To comply with Regulation G of the Securities and Exchange Commission, interCLICK, Inc. attaches to this press release and will post to the Company's website (www.interclick.com) any reconciliations of certain non-GAAP measures to the nearest comparable GAAP measures that are presented in this press release.
About interCLICK
interCLICK, Inc. operates the interCLICK Network, an online advertising platform that combines advanced behavioral targeting with complete data and inventory transparency, allowing advertisers to identify and track their desired audience on an unprecedented level. interCLICK offers advanced proprietary demographic, behavioral, contextual, geographic and retargeting technologies across a network of name brand publishers to ensure the right message is delivered to a precise audience in a brand friendly environment. For more information about the interCLICK Network, visit http://www.interclick.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including our expectations regarding revenue growth and EBITDA for the fourth quarter and full year 2009, and preliminary guidance for 2010 including revenue growth and EBITDA. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets. Further information on interCLICK's risk factors is contained in its filings with the Securities and Exchange Commission, including the final prospectus dated August 31, 2009. interCLICK does not undertake any duty nor does it intend to update the results of these forward-looking statements.
interCLICK, Inc. For the Three For the Three For the Three For the Three For the Three For the Three For the Three (formerly Customer Acquisition Network Holdings, Inc.) Months Ended Months Ended Months Ended Months Ended Months Ended Months Ended Months Ended Quarterly Consolidated Statements of Operations: 1Q08 to 3Q09 Sept. 30, 2009 June 30, 2009 March 31, 2009 Dec. 31, 2008 Sept. 30, 2008 June 30, 2008 March 31, 2008 Revenues $ 14,395,236 $ 10,648,686 $ 8,423,291 $ 8,460,030 $ 5,756,707 $ 4,673,629 $ 3,561,967 Cost of revenue 7,141,926 5,882,655 4,474,279 5,304,078 4,011,020 3,488,190 2,830,807 Gross profit 7,253,310 4,766,031 3,949,012 3,155,952 1,745,687 1,185,439 731,160 Operating expenses: Sales and marketing 2,317,245 1,734,354 1,416,522 892,187 886,511 1,127,515 429,749 General and administrative 3,383,752 2,928,162 1,709,193 2,366,567 1,881,513 2,010,278 2,221,568 Technology support 830,626 765,674 552,803 336,836 294,559 246,769 298,252 Amortization of intangible assets 49,760 49,760 49,760 104,570 104,571 104,630 104,738 Total operating expenses 6,581,383 5,477,950 3,728,278 3,700,160 3,167,153 3,489,192 3,054,308 Operating income/(loss) from continuing operations 671,927 (711,919 ) 220,734 (544,208 ) (1,421,466 ) (2,303,753 ) (2,323,148 ) Other income (expense): Interest income - - 12 2,192 8,140 3,329 3,433 Loss on settlement of debt - - - - - (20,121 ) - Loss on sale of available-for-sale securities - (36,349 ) - - (116,454 ) - - Loss on disposal of fixed assets - - - 1,750 (15,385 ) - - Loss on change in warrant derivative liability (124,211 ) (159,294 ) (72,767 ) - - - - Interest expense (245,854 ) (126,681 ) (113,592 ) (103,413 ) (189,382 ) (534,887 ) (698,616 ) Total other income (expense) (370,065 ) (322,324 ) (186,347 ) (99,471 ) (313,081 ) (551,679 ) (695,183 ) Income/(loss) from continuing operations before income taxes 301,862 (1,034,243 ) 34,387 (643,679 ) (1,734,547 ) (2,855,432 ) (3,018,331 ) Income tax benefit - - - 1,687,305 - - - Equity in investee's loss, net of taxes - - - - (404,103 ) (249,128 ) - Income/(loss) from continuing operations 301,862 (1,034,243 ) 34,387 1,043,626 (2,138,650 ) (3,104,560 ) (3,018,331 ) Discontinued operations: Loss from discontinued operations, net of tax - - - 752,292 (1,053,059 ) (218,187 ) (716,986 ) Loss on sale of discontinued operations, net of tax - - (1,220 ) (2,448,147 ) (498,554 ) (624,981 ) - Net loss from discontinued operations - - (1,220 ) (1,695,855 ) (1,551,613 ) (843,168 ) (716,986 ) Net income/(loss) 301,862 (1,034,243 ) 33,167 (652,229 ) (3,690,263 ) (3,947,728 ) (3,735,317 ) Other comprehensive loss: Loss on sale of available-for-sale securities - - - - (197,704 ) - - Net loss from discontinued operations - - - - (197,704 ) - - Comprehensive income/(loss) $ 301,862 $ (1,034,243 ) $ 33,167 $ (652,229 ) $ (3,887,967 ) $ (3,947,728 ) $ (3,735,317 ) Loss per share from continuing operations - basic and diluted $ 0.01 $ (0.05 ) $ - $ 0.06 $ (0.12 ) $ (0.17 ) $ (0.17 ) Loss per share from discontinued operations - basic and diluted $ - $ - $ - $ (0.09 ) $ (0.08 ) $ (0.04 ) $ (0.04 ) Net loss per share - basic and diluted $ 0.01 $ (0.05 ) $ - $ (0.03 ) $ (0.20 ) $ (0.21 ) $ (0.21 ) Weighted average shares outstanding - basic 20,628,033 19,164,938 18,922,584 18,922,584 18,904,109 18,470,345 17,973,167 Weighted average shares outstanding - diluted 22,399,838 19,164,938 18,969,631 18,922,584 18,904,109 18,470,345 17,973,167 Reconciliation of non-GAAP results of operations measures to nearest comparable GAAP measures. Operating income/(loss) from continuing operations 671,927 (711,919 ) 220,734 (544,208 ) (1,421,466 ) (2,303,753 ) (2,323,148 ) Stock-based compensation 600,141 777,173 576,570 524,160 439,768 503,090 474,173 Amortization of intangible assets 49,760 49,760 49,760 104,570 104,571 104,630 104,738 Depreciation 77,917 74,978 72,386 72,817 66,448 49,476 56,747 EBITDA 1,399,745 189,992 919,450 157,339 (810,679 ) (1,646,556 ) (1,687,490 ) Capital expenditures (12,968 ) (54,620 ) (19,263 ) (34,458 ) (151,398 ) (42,589 ) (128,561 ) Free Cash Flow 1,386,777 135,372 900,187 122,881 (962,077 ) (1,689,145 ) (1,816,051 )
interCLICK, Inc. (formerly Customer Acquisition Network Holdings, Inc.) Consolidated Balance Sheet: 1Q08 to 3Q09 Sept. 30, 2009 Jun. 30, 2009 Mar. 31, 2009 Dec. 31, 2008 Sep. 30, 2008 Jun. 30, 2008 Mar. 31, 2008 Assets Current assets: Cash and cash equivalents $ 1,929,094 $ 2,784,986 $ 191,002 $ 183,871 $ 611,189 $ 448,024 $ 1,142,369 Accounts receivable, gross 14,734,371 10,434,167 8,651,433 7,545,311 5,049,037 3,625,713 2,549,594 Allowance for doubtful accounts (258,100 ) (185,032 ) (216,532 ) (425,000 ) (345,208 ) (201,248 ) (150,000 ) Accounts receivable, net of allowance 14,476,271 10,249,135 8,434,901 7,120,311 4,703,829 3,424,465 2,399,594 Note receivable - - - - - 1,000,000 - Due from factor 1,114,698 1,034,712 798,424 637,705 - - - Prepaid expenses and other current assets 373,505 372,187 186,851 94,164 205,796 43,291 78,329 Total current assets 17,893,568 14,441,020 9,611,178 8,036,051 5,520,814 4,915,780 3,620,292 Property and equipment, net 458,483 523,432 543,790 596,913 633,523 570,799 583,845 Intangible assets, net 460,833 510,593 560,353 610,113 714,683 819,254 923,883 Goodwill 7,909,571 7,909,571 7,909,571 7,909,571 7,909,571 7,909,571 7,909,571 Investment in OPMG 728,572 728,572 1,650,000 1,650,000 1,694,000 3,500,872 - Deferred deferred debt issue costs, gross 40,000 40,000 40,000 40,000 - - 91,437 Accumulated amortization (31,639 ) (28,250 ) (21,111 ) (6,667 ) - - (60,959 ) Deferred debt issue costs, net 8,361 11,750 18,889 33,333 - - 30,478 Deferred acquisition costs - - - - - - - Other assets 192,179 191,664 191,664 191,664 211,943 105,602 66,937 Assets held for sale - discontinued operations - - - - - - 8,302,381 Total assets $ 27,651,567 $ 24,316,602 $ 20,485,445 $ 19,027,645 $ 16,684,534 $ 17,821,878 $ 21,437,387 Liabilities and Stockholders' Equity (Deficit) Current liabilities: Accounts payable $ 7,508,531 $ 6,372,241 $ 5,123,171 $ 5,288,807 $ 3,937,095 $ 2,711,468 $ 2,434,127 Line of credit 5,559,011 5,160,291 3,992,119 3,188,425 - - - Senior secured notes payable, net of debt discount - - - - - 1,652,754 4,549,164 Note Payable, current portion - 288,500 400,000 400,000 1,300,000 - - Settlement payable - - - 248,780 1,090,230 - - Accrued expenses 1,688,013 603,501 599,915 310,685 610,390 1,602,154 1,137,981 Warrant derivative liability 267,789 143,578 492,781 - - - - Deferred Revenue 151,465 143,548 95,098 9,972 100,935 83 - Accrued interest expense 6,296 5,028 22,866 16,948 1,068 121,964 101,470 Capital lease obligation, current portion 10,239 10,098 9,959 10,615 10,319 10,319 9,290 Deferred rent, current portion 3,207 2,906 2,605 - - - - Total current liabilities 15,194,551 12,729,691 10,738,514 9,474,232 7,050,037 6,098,742 8,232,032 Deferred rent 83,062 81,047 79,033 - - - - Capital lease obligation 1,763 4,376 6,953 82,191 10,286 14,474 17,791 Deferred tax liability - - - - - - - Liabilities held for sale - discontinued operations - - - - - - 768,631 Total liabilities 15,279,376 12,815,114 10,824,500 9,556,423 7,060,323 6,113,216 9,018,454 Stockholders' equity (deficit) Common Stock, $0.001 par value 20,645 20,611 18,923 18,923 18,923 18,823 18,090 Additional paid-in capital 27,926,168 27,357,362 23,620,613 24,908,509 24,409,269 22,756,772 19,468,803 Accumulated other comprehensive loss (1,061,354 ) (1,061,354 ) (197,704 ) (197,704 ) (197,704 ) - - Deferred equity-based expense - - - - - (150,919 ) (99,676 ) Accumulated deficit (14,513,268 ) (14,815,130 ) (13,780,887 ) (15,258,506 ) (14,606,277 ) (10,916,014 ) (6,968,284 ) Total stockholders' equity 12,372,191 11,501,488 9,660,945 9,471,222 9,624,211 11,708,662 12,418,933 Total liabilities and stockholders' equity $ 27,651,567 $ 24,316,602 $ 20,485,445 $ 19,027,645 $ 16,684,534 $ 17,821,878 $ 21,437,387
interCLICK, Inc.
(formerly Customer Acquisition Network Holdings, Inc.) For the For the For the For the For the For the For the
Consolidated Statement of Cash Flows: 1Q08 to 3Q09 Nine Months Ended Six Months Ended Three Months Ended Year Ended Nine Months Ended Six Months Ended Three Months Ended
Sept. 30, 2009 Jun. 30. 2009 Mar. 31, 2009 Dec. 31, 2008 Sep. 30, 2008 Jun. 30, 2008 Mar. 31, 2008
Cash flows from operating activities:
Net income (loss) $ (699,214 ) $ (1,001,076 ) $ 33,167 $ (12,025,539 ) $ (11,373,310 ) $ (7,683,047 ) $ (3,735,317 )
Add back loss from discontinued operations 1,220 1,220 1,220 4,807,622 3,111,767 1,560,154 716,986
Income (loss) from continuing operations (697,994 ) (999,856 ) 34,387 (7,217,917 ) (8,261,543 ) (6,122,893 ) (3,018,331 )
Adjustments to reconcile income (loss) from continuing
operations to net cash used in operating activities:
Stock-based compensation 1,953,884 1,353,743 576,570 3,063,009 1,441,240 976,553 474,174
Change in fair value of warrant derivative liability 356,272 232,061 72,767 - - - -
Amortization of debt discount 12,000 500 - 1,239,061 1,239,061 1,118,242 676,248
Equity method pick up from investment - - - 653,231 653,231 249,128 -
Amortization of intangible assets 149,280 99,520 49,760 418,508 313,938 209,367 104,738
Provision for bad debts (87,084 ) (160,392 ) (207,767 ) 414,737 252,236 102,236 4,800
Depreciation 225,282 147,364 72,386 245,489 172,671 106,223 53,461
Common stock issued for services - - - - - - -
Amortization of deferred equity based expense - - - - - - -
Loss on sale of marketable securities 36,349 36,349 - 116,454 116,454 - -
Write off of deferred acquisition costs - - - 96,954 96,954 96,954 96,954
Amortization of debt issue costs 24,972 21,583 14,444 44,172 77,505 77,505 47,027
Loss on settlement of debt - - - 20,121 20,121 20,121 -
Loss on disposal of property and equipment - - - 13,635 15,385 - -
Changes in operating assets and liabilities:
Accounts receivable (7,268,876 ) (2,968,432 ) (1,106,823 ) (4,144,746 ) (1,565,763 ) (136,399 ) 985,908
Prepaid expenses and other current assets (155,341 ) (107,523 ) (92,687 ) (38,414 ) (150,046 ) 12,459 (22,579 )
Other assets (515 ) - - (124,727 ) (145,006 ) (38,665 ) -
Accounts payable 2,219,724 1,083,434 (165,636 ) 2,843,814 1,492,102 211,864 (65,477 )
Accrued expenses 1,377,328 292,816 289,230 (736,034 ) (436,329 ) 53,989 (188,441 )
Accrued interest 2,614 1,346 5,918 (19,225 ) (35,105 ) 85,791 65,297
Deferred rent 13,573 11,257 8,942 72,696 - - -
Deferred revenue 141,493 133,576 85,126 9,972 100,935 83 -
Net cash used in operating activities (1,697,039 ) (822,654 ) (363,383 ) (3,029,210 ) (4,601,959 ) (2,977,442 ) (786,221 )
Cash flows from investing activities:
Purchases of property & equipment (86,852 ) (73,883 ) (19,263 ) (357,006 ) (322,548 ) (177,991 ) (138,275 )
Proceeds from sales of property & equipment - - - 13,000 13,000 13,000 13,000
Acquisition of business, net of cash acquired - - - - - - -
Proceeds from sales of marketable securities 21,429 21,429 - 1,078,000 1,034,000 - -
Deferred acquisition costs - - - (10,619 ) (10,619 ) (10,619 ) (10,619 )
Net cash provided by investing activities (65,423 ) (52,454 ) (19,263 ) 723,375 713,833 (175,610 ) (135,894 )
Cash flows from financing activities:
Proceeds from issuance of notes payable - - - 1,300,000 1,300,000 - -
Principal payments on notes payable (400,000 ) (100,000 ) - (5,423,573 ) (4,523,573 ) (2,750,000 ) -
Proceeds from common stock and warrants issued for cash 2,257,000 2,257,000 - 2,912,500 2,912,500 2,536,500 475,000
Proceeds from line of credit, net 1,893,593 1,574,859 642,975 2,550,720 - - -
Debt issue costs - - - - - - -
Proceeds from convertible promissory notes - - - - - - -
Proceeds from issuance of common stock to founders - - - - - - -
Proceeds from exercise of options and warrants 15,200 - - - - - -
Principal payments on capital leases (8,108 ) (5,636 ) (3,198 ) (8,497 ) (8,002 ) (3,814 ) (1,526 )
Net cash provided by financing activities 3,757,685 3,726,223 639,777 1,331,150 (319,075 ) (217,314 ) 473,474
Cash flows from discontinued operations:
Cash flows from operating activities - - - (1,933,382 ) (1,563,145 ) (1,251,172 ) (435,553 )
Cash flows from investing activities-acquisition - - - (1,885,624 ) (1,885,624 ) (1,605,921 ) (1,648,920 )
Cash flows from investing activities-divestiture (250,000 ) (250,000 ) (250,000 ) 1,302,079 4,591,676 3,000,000 -
Net cash used in discontinued operations (250,000 ) (250,000 ) (250,000 ) (2,516,927 ) 1,142,907 142,907 (2,084,473 )
Net (decrease) increase in cash and cash equivalents 1,745,223 2,601,115 7,131 (3,491,612 ) (3,064,294 ) (3,227,459 ) (2,533,114 )
Cash and cash equivalents at beginning of period 183,871 183,871 183,871 3,675,483 3,675,483 3,675,483 3,675,483
Cash and cash equivalents at end of period $ 1,929,094 $ 2,784,986 $ 191,002 $ 183,871 $ 611,189 $ 448,024 $ 1,142,369
SOURCE: interCLICK, Inc.
interCLICK, Inc. Roger Clark, CFO, 646-395-1776 roger.clark@interclick.com
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