ValueClick’s 4th Quarter Earnings Report From Feb. 15
WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)– ValueClick, Inc. (Nasdaq:VCLK) today reported financial results for the fourth quarter and fiscal year ended December 31, 2010. Fourth quarter revenue, adjusted-EBITDA1, and earnings per share metrics all exceeded the high-end of the guidance ranges management provided on November 3, 2010.
Highlights from the fourth quarter 2010 results include:
- Revenue of $128.7 million, up 17 percent from the fourth quarter of 2009 (Q4 2009)
- Adjusted-EBITDA of $41.9 million, up 19 percent from Q4 2009
- Adjusted-EBITDA margin of 32.5 percent versus 31.8 percent in Q4 2009
- GAAP net income from continuing operations of $0.26 per diluted share versus $0.20 in Q4 2009
“The fourth quarter capped a successful year for ValueClick, where we streamlined our offerings, invested for the long-term, and delivered revenue growth and margin expansion,” said Jim Zarley, chief executive officer of ValueClick. “Our momentum in the quarter is setting the tone for 2011, and we remain confident in our ability to capitalize on our industry’s growth opportunities to generate strong financial performance while investing in growth initiatives across all of our businesses.”
Non-GAAP net income, which excludes discontinued operations, stock-based compensation and amortization of intangible assets was $25.5 million, or $0.31 per diluted common share for the fourth quarter. A table reconciling GAAP net income from continuing operations to non-GAAP diluted net income per common share is included in this press release.
The consolidated balance sheet as of December 31, 2010 includes approximately $197 million in cash, cash equivalents and marketable securities and no debt. The Company generated approximately $90 million in free cash flow, defined as cash flow from operations less net capital expenditures, in fiscal year 2010.
Today, ValueClick is announcing guidance for the first quarter of 2011:
|Mid-Point Adjusted-EBITDA Margin||~28%|
|GAAP diluted net income per common share||$0.16-$0.17|
|Non-GAAP diluted net income per common share||$0.21-$0.22|
The consolidated revenue guidance range is based on the following segment-level assumptions for revenue growth rates expressed as a percentage increase from first quarter 2010 reported revenue levels:
|— Affiliate Marketing:||up low double-digits|
|— Media:||up low double-digits|
|— Owned & Operated:||up high twenties to low thirties|
|— Technology:||up low to mid single-digits|
First quarter 2011 non-GAAP and GAAP diluted net income per common share guidance assume stock-based compensation of $2.0 million, amortization of intangible assets of $5.0 million, interest and other income of $1.0 million, a 41 percent effective tax rate, and 82.0 million diluted shares outstanding.