$MCHX
Marchex Inc

2021 Q3 Form 10-Q Financial Statement

#000156459021056181 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $13.70M $26.49M $25.85M
YoY Change -48.28% 6.86% -1.88%
Cost Of Revenue $5.507M $15.29M $15.20M
YoY Change -63.98% 19.73% 9.2%
Gross Profit $8.193M $11.20M $10.64M
YoY Change -26.85% -6.82% -14.29%
Gross Profit Margin 59.8% 42.28% 41.18%
Selling, General & Admin $5.781M $7.960M $8.476M
YoY Change -27.37% 12.11% 11.82%
% of Gross Profit 70.56% 71.07% 79.64%
Research & Development $3.178M $5.760M $5.886M
YoY Change -44.83% 12.06% 17.6%
% of Gross Profit 38.79% 51.43% 55.3%
Depreciation & Amortization $278.0K $363.0K $399.0K
YoY Change -23.42% -10.37% 5.84%
% of Gross Profit 3.39% 3.24% 3.75%
Operating Expenses $10.11M $14.92M $14.36M
YoY Change -32.25% 8.12% 186.95%
Operating Profit -$1.915M -$3.720M -$4.564M
YoY Change -48.52% 108.99% 258.81%
Interest Expense -$7.000K $0.00 $30.00K
YoY Change -100.0% -86.36%
% of Operating Profit
Other Income/Expense, Net -$14.00K $10.00K
YoY Change -240.0%
Pretax Income $3.267M -$5.679M -$4.532M
YoY Change -157.53% 389.57% 329.98%
Income Tax -$43.00K -$535.0K -$24.00K
% Of Pretax Income -1.32%
Net Earnings $3.310M -$3.665M -$4.508M
YoY Change -190.31% 201.65% 304.67%
Net Earnings / Revenue 24.16% -13.84% -17.44%
Basic Earnings Per Share $0.07
Diluted Earnings Per Share $67.49K -$77.87K -$95.86K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.78M $44.60M $46.80M
YoY Change -37.71% -15.05% -8.24%
Cash & Equivalents $27.78M $44.26M $46.78M
Short-Term Investments
Other Short-Term Assets $2.998M $2.200M $2.400M
YoY Change 36.27% -8.33% -25.0%
Inventory
Prepaid Expenses
Receivables $8.553M $16.60M $16.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $39.33M $63.50M $65.40M
YoY Change -38.06% -7.97% -7.52%
LONG-TERM ASSETS
Property, Plant & Equipment $2.625M $3.100M $9.400M
YoY Change -15.32% -67.02% 193.2%
Goodwill $17.60M $19.13M $19.13M
YoY Change -8.01% -21.72%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $987.0K $1.100M $1.100M
YoY Change -10.27% 266.67% 366.1%
Total Long-Term Assets $29.27M $36.80M $40.20M
YoY Change -20.47% -26.55% -22.78%
TOTAL ASSETS
Total Short-Term Assets $39.33M $63.50M $65.40M
Total Long-Term Assets $29.27M $36.80M $40.20M
Total Assets $68.60M $100.3M $105.6M
YoY Change -31.61% -15.79% -13.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.658M $7.300M $8.300M
YoY Change -63.59% 30.36% 29.0%
Accrued Expenses $9.949M $12.70M $11.40M
YoY Change -21.66% 62.82% 44.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $5.300M $5.292M
YoY Change -100.0%
Total Short-Term Liabilities $13.94M $26.90M $27.20M
YoY Change -48.19% 66.79% 41.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.926M $3.500M $5.800M
YoY Change -44.97% 11566.67% 9408.2%
Total Long-Term Liabilities $1.926M $3.500M $5.800M
YoY Change -44.97% 11566.67% 9408.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.94M $26.90M $27.20M
Total Long-Term Liabilities $1.926M $3.500M $5.800M
Total Liabilities $16.01M $30.60M $33.20M
YoY Change -47.69% 89.38% 22.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.59M $69.69M $72.45M
YoY Change
Total Liabilities & Shareholders Equity $68.60M $100.3M $105.6M
YoY Change -31.61% -15.79% -13.99%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $3.310M -$3.665M -$4.508M
YoY Change -190.31% 201.65% 304.67%
Depreciation, Depletion And Amortization $278.0K $363.0K $399.0K
YoY Change -23.42% -10.37% 5.84%
Cash From Operating Activities -$119.0K -$1.920M $1.590M
YoY Change -93.8% -202.13% -340.91%
INVESTING ACTIVITIES
Capital Expenditures -$466.0K -$270.0K -$430.0K
YoY Change 72.59% -52.63% -41.1%
Acquisitions
YoY Change
Other Investing Activities $400.0K $0.00 $0.00
YoY Change
Cash From Investing Activities -$66.00K -$270.0K -$430.0K
YoY Change -75.56% -53.45% -41.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 153.0K 30.00K 5.300M
YoY Change 410.0% -78.57% 253.33%
NET CHANGE
Cash From Operating Activities -119.0K -1.920M 1.590M
Cash From Investing Activities -66.00K -270.0K -430.0K
Cash From Financing Activities 153.0K 30.00K 5.300M
Net Change In Cash -32.00K -2.160M 6.460M
YoY Change -98.52% -250.0% 5772.73%
FREE CASH FLOW
Cash From Operating Activities -$119.0K -$1.920M $1.590M
Capital Expenditures -$466.0K -$270.0K -$430.0K
Free Cash Flow $347.0K -$1.650M $2.020M
YoY Change -121.03% -167.35% 2785.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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InterestAndOtherIncome
8000
CY2020Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
1000
CY2021Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
7000
mchx Interest Expense And Foreign Currency
InterestExpenseAndForeignCurrency
19000
mchx Interest Expense And Foreign Currency
InterestExpenseAndForeignCurrency
45000
CY2020Q3 mchx Interest Expense And Foreign Currency
InterestExpenseAndForeignCurrency
11000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18344000
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19135000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15597000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16510000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2747000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2625000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
363000
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
278000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
965000
us-gaap Interest And Other Income
InterestAndOtherIncome
103000
CY2021Q3 mchx Interest Expense And Foreign Currency
InterestExpenseAndForeignCurrency
14000
mchx Interest Income Expense Other
InterestIncomeExpenseOther
55000
mchx Interest Income Expense Other
InterestIncomeExpenseOther
2490000
CY2020Q3 mchx Interest Income Expense Other
InterestIncomeExpenseOther
7000
CY2021Q3 mchx Interest Income Expense Other
InterestIncomeExpenseOther
-14000
mchx Interest Income And Other Net
InterestIncomeAndOtherNet
139000
mchx Interest Income And Other Net
InterestIncomeAndOtherNet
2453000
CY2020Q3 mchx Interest Income And Other Net
InterestIncomeAndOtherNet
-3000
CY2021Q3 mchx Interest Income And Other Net
InterestIncomeAndOtherNet
-21000
CY2021Q2 mchx Contractual Settlement Of Upside Payment Received
ContractualSettlementOfUpsidePaymentReceived
2500000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2025-03-31
mchx Payments For Lease Termination Fee
PaymentsForLeaseTerminationFee
671000
mchx Contribution As Credit Against Lease Payments
ContributionAsCreditAgainstLeasePayments
180000
CY2019Q2 mchx Contribution From Lessor As Reimbursement Towards Leasehold Improvements
ContributionFromLessorAsReimbursementTowardsLeaseholdImprovements
180000
CY2018Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
373000
CY2018Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
575000
CY2019Q2 us-gaap Line Of Credit Facility Increase Decrease For Period Net
LineOfCreditFacilityIncreaseDecreaseForPeriodNet
100000
mchx Lease Termination Month And Year
LeaseTerminationMonthAndYear
2023-03
mchx Long Term Operating Lease Cost
LongTermOperatingLeaseCost
1381000
CY2021Q3 mchx Long Term Operating Lease Cost
LongTermOperatingLeaseCost
470000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.048
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3890000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
204000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3686000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1760000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1926000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
475000
CY2021Q3 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
341000
CY2021Q3 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
816000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1871000
CY2021Q3 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
743000
CY2021Q3 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
237000
CY2021Q3 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
1398000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
209000
CY2021Q3 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
0
CY2021Q3 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
2614000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1161000
CY2021Q3 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
209000
CY2021Q3 mchx Operating Leases Future Minimum Payments Due In Four Years And Thereafter
OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter
174000
CY2021Q3 mchx Other Commitment Due In Fourth Year And Thereafter
OtherCommitmentDueInFourthYearAndThereafter
0
CY2021Q3 mchx Contractual Obligation Due In Fourth Year And Thereafter
ContractualObligationDueInFourthYearAndThereafter
174000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3890000
CY2021Q3 us-gaap Other Commitment
OtherCommitment
1321000
CY2021Q3 us-gaap Contractual Obligation
ContractualObligation
5211000
CY2020Q4 mchx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1
CY2021Q3 mchx Deferred Tax Assets Valuation Allowance Percentage
DeferredTaxAssetsValuationAllowancePercentage
1
CY2020Q1 mchx Finite Lived Intangible Assets Impairment
FiniteLivedIntangibleAssetsImpairment
5000000.0
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
26530000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12375000
CY2020Q4 mchx Finite Lived Intangible Assets Impairment
FiniteLivedIntangibleAssetsImpairment
4959000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9196000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
26530000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16083000
CY2021Q3 mchx Finite Lived Intangible Assets Impairment
FiniteLivedIntangibleAssetsImpairment
4959000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5488000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4200000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3700000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
904000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2300000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2200000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
704000
CY2020Q4 us-gaap Goodwill
Goodwill
17600000
CY2021Q3 us-gaap Goodwill
Goodwill
17600000
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
14700000
CY2021Q3 mchx Reductions To Payroll Expenses Under Foreign Wage Subsidy
ReductionsToPayrollExpensesUnderForeignWageSubsidy
135000
mchx Reductions To Payroll Expenses Under Foreign Wage Subsidy
ReductionsToPayrollExpensesUnderForeignWageSubsidy
434000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
12689000
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
29563000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
9657000
us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
1851000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Other Expense
DisposalGroupIncludingDiscontinuedOperationOtherExpense
587000
us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
689000
us-gaap Disposal Group Including Discontinued Operation Description And Timing Of Disposal
DisposalGroupIncludingDiscontinuedOperationDescriptionAndTimingOfDisposal
The Company received cash consideration at closing of approximately $2.3 million. No gain or loss on the sale of discontinued operations was recognized in the Condensed Consolidated Statement of Operations as it was sold to a related party. The net consideration received from the sale is recognized in the Company’s Consolidated Statements of Stockholder’s Equity. The sale also includes (i) contingent consideration based on the achievement of certain revenue and thresholds from the Call Marketplace, Local Leads Platform and the purchaser’s total business; (ii) certain contingent sale transaction consideration; (iii) shares of Class B common stock in the purchaser equal to the issuance of a 10% equity interest; and (iv) the cancellation of Company stock options for 1.5 million shares currently held by two officers of the Company who are involved in the transaction.
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
2300000
CY2021Q3 mchx Support Services Fees
SupportServicesFees
2200000
mchx Support Services Fees
SupportServicesFees
5100000
CY2021Q3 mchx Percentage Of Issuance Of Equity Interest
PercentageOfIssuanceOfEquityInterest
0.10
CY2021Q3 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
400000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
38597000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
212000
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
33832000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
10753000
mchx Disposal Group Including Discontinued Operation Impairment Of Goodwill
DisposalGroupIncludingDiscontinuedOperationImpairmentOfGoodwill
469000
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
4296000
CY2020Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
1936000
us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
1015000
CY2020Q3 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
457000
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
3281000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
1479000

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