Press Releases

November 5, 2013


Repurchased 8 Million Shares in Third Quarter


WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--


ValueClick, Inc. (NASDAQ: VCLK) today reported financial results for the


third quarter ended September 30, 2013.


"We delivered strong profitability and cash flow in the third quarter,


driven by a continued mix shift into our higher value added offerings,"


said
John Giuliani, president and CEO of ValueClick. "Solid


year-over-year growth in our CRM, affiliate marketing, mobile, video and


cross-device solutions was offset by weakness in our insertion order


display business within the Media segment."


"We are making great progress advancing our ‘One ValueClick'


integration, an important companywide effort that will further


strengthen our ability to serve as a strategic partner for advertisers


across all business lines. Our repurchase of 8 million shares of common


stock during the quarter underscores our confidence in ValueClick's


future," Giuliani added.


Announced Intent to Pursue Divestiture of Owned & Operated Websites


("O&O") Segment: O&O Results Are Now Reflected as Discontinued


Operations in Current and Historical Financials


As announced separately today, and as part of the Company's focus on


aligning its businesses with the ‘One ValueClick' strategy, ValueClick


intends to pursue the divestiture of its O&O segment, which operates a


broad range of popular content and ecommerce websites including


Investopedia, PriceRunner, Smarter.com, SymptomFind and


CouponMountain.com. As a result, ValueClick has reclassified the O&O


segment's current and historical operating results as discontinued


operations. The revised presentation of the Company's historical


financial results is available in downloadable Excel format on


ValueClick's Investor Relations website located at http://ir.conversantmedia.com/.






















































































 




Q3 Results Summary




(Does Not Include O&O Segment, Which is Now Classified as


Discontinued Operations)



 



In millions, except percentages and per share amounts



 



Q3 2013



 



Q3 2012



 



% Change



 



Revenue



 



$



134.1




 



$



130.9




 



2



%



Adjusted EBITDA(1)




50.2




43.7




15



%



GAAP Net Income from Continuing Operations




22.1




16.6




33



%



Non-GAAP Net Income(1)




$



28.2




$



24.5




15



%



GAAP Net Income from Continuing Operations Per Diluted Common


Share




$



0.30




$



0.22




36



%



Non-GAAP Net Income Per Diluted Common Share(1)




$



0.38




$



0.32




19



%













 




(1) Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Net


Income Per Diluted Share are Non-GAAP measures are described below


and reconciled to their most comparable GAAP measures.



 


Q3 2013 Financial Summary



  • Revenue was $134.1 million, an increase of 2% year-over-year.




  • Adjusted EBITDA was $50.2 million, an increase of 15% year-over-year.




  • Adjusted EBITDA margin increased to 37.4% from 33.4% in the third


    quarter of 2012.




  • Non-GAAP net income per diluted share was $0.38, an increase of 19%


    year-over-year.




  • GAAP net income from continuing operations per diluted share was


    $0.30, an increase of 36% year-over-year.































































Comparison of Q3 2013 Results vs. Company's Pro Forma Guidance


for Q3 2013



 



Q3 2013 Financial Metrics



 



Previously Issued Guidance(1)



 



O&O Segment Guidance Assumptions



 



"Pro Forma" Guidance (Excluding O&O)



 



Reported / Continuing Operations



 



Revenue (in millions)




$164 to $168




$30




$134 to $138




$134.1











 



Adjusted EBITDA (in millions)




$53 to $55




$6




$47 to $49




$50.2



Non-GAAP Net Income Per Diluted Common Share




$0.39 to $0.40




$0.04




$0.35 to $0.36




$0.38











 



(1) ValueClick's Q3 2013 guidance was provided on August 1, 2013.



 


Cash Flows



  • Free cash flow for the nine months ended September 30, 2013 was $100.6


    million, an increase of 10% year-over-year from the comparable


    nine-month period in 2012.




  • Free cash flow for the trailing 12 month period ended September 30,


    2013 was $147.4 million.




  • The Company defines free cash flow as net cash provided by operating


    activities less capital expenditures.



Stock Repurchases



  • ValueClick repurchased 8 million common shares at an average cost of


    $21.45 per share during the third quarter ended September 30, 2013.




  • Year-to-date in 2013, ValueClick has repurchased 10 million common


    shares, representing approximately 13% of total common shares issued


    and outstanding as of December 31, 2012.




  • In October 2013, ValueClick's Board of Directors increased the


    remaining availability under the Company's stock repurchase


    authorization to $100 million.



Balance Sheet



  • As of September 30, 2013, cash and cash equivalents were $54.5 million


    and total debt was $195 million.




  • ValueClick amended its credit agreement in the third quarter,


    resulting in an increase of the senior secured revolving credit


    facility to $400 million and an extension of the maturity date to


    August 19, 2018.









































































































ValueClick Segment Financial Summary



In millions, except percentages



 



Q3 2013



 



Q3 2012



 



% Change




 



Affiliate Marketing Revenue




$



38.9





$



34.9





11



%



Media Revenue




95.3





96.1





(1



)%



Intersegment Eliminations



 





 



 



(0.1



)



 



NM



 



Consolidated Revenue




$



134.1





$



130.9





2



%



 



Affiliate Marketing Income from Operations




$



23.6





$



20.3





16



%



Media Income from Operations



 



30.2



 



 



27.6



 



 



9



%



Total Segment Income from Operations




$



53.8





$



48.0





12



%














 


Q3 2013 Segment Results Summary



  • Affiliate marketing segment revenue was $38.9 million, an increase of


    11% year-over-year, representing the segment's highest growth rate in


    more than two years. The increase in Affiliate Marketing segment


    revenue and operating profitability reflects continuing growth in


    transaction volumes and clients, including advertiser clients migrated


    from the former Google Affiliate Network that ceased operations in


    July 2013.




  • Media segment revenue was $95.3 million, a decrease of 1%


    year-over-year. Continuing solid growth in CRM, mobile, video and


    cross device solutions was offset by a decline in ValueClick's


    traditional insertion order-driven display business.



Q3 2013 O&O Results
(Included within Discontinued


Operations)



  • O&O revenue was $28.9 million and O&O segment income from operations


    was $4.5 million and are included in discontinued operations.




  • Discrete tax adjustments associated with the planned divestiture led


    to an unusually high tax provision attributable to the O&O business


    for the third quarter of 2013, resulting in an after-tax loss of $4.1


    million in discontinued operations in the quarter.



Q4 2013 Business Outlook


ValueClick's financial guidance for the fourth quarter of 2013 is


presented in the following tables, along with the Company's results for


the fourth quarter of 2012 to provide a basis for comparison. The


guidance and fourth quarter 2012 results do not


include the O&O segment since O&O results have been reclassified to


discontinued operations as described above.
































































Consolidated Financial Outlook



 



Q4 2013 Guidance



 



 



Q4 2012 Actual Results




Revenue



 




$166 - $171 million



 



 




$166.6 million



Adjusted EBITDA




$69 - $72 million





$68.1 million



Mid-Point Adjusted EBITDA Margin




41.8%





40.9%



Non-GAAP net income per diluted common share




$0.57 - $0.58





$0.50



Impact of stock-based compensation and amortization of intangibles,


net of tax




$(0.09)





$(0.08)



GAAP net income from continuing operations per diluted common share



 



$0.48 - $0.49



 



 



$0.42



 



Segment Revenue Assumptions



 



Q4 2013 Guidance



 



 



Q4 2012 Actual Results



Affiliate Marketing Segment Revenue




$49 - $51 million





$43.9 million



Media Segment Revenue



 



$117 - $120 million



 



 



$122.7 million


Additional Guidance Assumptions


ValueClick's fourth quarter 2013 guidance assumes: stock-based


compensation of $5.1 million; amortization of intangible assets of $5.6


million ($2.0 million of which will be included in cost of revenue); net


interest and other expense of $0.5 million; a 40% effective tax rate;


and 68.5 million diluted shares outstanding.


Preliminary Income Tax and EPS Figures


As part of the discontinued operations accounting treatment for the O&O


Segment, the Company is required to recast previously recorded income


tax expense between continuing operations and discontinued operations.


In addition, the income tax expense for the discontinued operations for


the third quarter of 2013 must take into consideration the projected tax


impact that will result from the historical earnings of the


international components of the O&O Segment no longer considered to be


permanently reinvested as a result of the planned divestiture. These tax


calculations are complex and as of the filing of this release ValueClick


is in the process of finalizing its procedures and calculations


regarding income taxes. Accordingly, all current and prior year income


tax expense figures in this release, and all earnings per share amounts,


should be considered preliminary and subject to change upon the


Company's completion of its procedures.


Use of Non-GAAP Financial Measures


To provide investors with additional information regarding ValueClick's


financial results, ValueClick has disclosed in the tables below and


elsewhere in this press release Adjusted EBITDA and Non-GAAP Net Income


Per Diluted Common Share. Each of these Non-GAAP measures is defined


within the following section of this press release and reconciled to


their most comparable GAAP financial measure. Investors should not


consider these Non-GAAP measures in isolation or as a substitute for


GAAP financial measures. ValueClick's definition of Adjusted EBITDA and


Non-GAAP Net Income Per Diluted Common Share may not necessarily be


directly comparable to similarly titled Non-GAAP measures employed by


other companies.


Q3 2013 Conference Call and Webcast Today at 4:30 p.m. Eastern Time


(1:30 p.m. Pacific Time)


ValueClick management will host a conference call at 4:30 p.m. Eastern


Time (1:30 p.m. Pacific Time) today to discuss its financial and


operating results for the third quarter of 2013. A live webcast of the


conference call, along with a financial highlights presentation


containing supplemental information, will be available on ValueClick's


investor relations website at http://ir.conversantmedia.com.


A replay of the webcast will be available through the same link


beginning approximately two hours after the completion of the live call.


To access the live conference call by telephone, interested parties


should dial 888-806-6208 (for domestic participants) or 913-312-0388


(for international participants) at least 10 minutes prior to the start


time and use conference ID 5522937. A telephonic replay of the


conference call will be available from 7:30 p.m. Eastern Time on


November 5, 2013 until 7:30 p.m. Eastern Time on November 12, 2013. To


access the replay, interested parties should dial 888-203-1112 (for


domestic participants) and 719-457-0820 (for international participants)


and the conference ID 5522937


About ValueClick


ValueClick, Inc. (NASDAQ: VCLK) is one of the world's largest digital


marketing companies. Through a unique combination of data, technology


and services, ValueClick increases brand awareness and drives customer


acquisition at scale for the world's largest advertisers, and maximizes


advertising revenue for tens of thousands of online and mobile


publishers. The Company is based in Westlake Village, California, and


has offices in major advertising markets worldwide. For more


information, please visit www.valueclick.com.


Cautionary Information Regarding Forward-Looking Statements


This release contains forward-looking statements that involve risks


and uncertainties, including, but not limited to, the risk that market


demand for on-line advertising in general, and performance based on-line


advertising in particular, will not grow as rapidly as predicted, and


the risk that legislation and governmental regulation could negatively


impact the Company's performance. Actual results may differ materially


from the results predicted, and reported results should not be


considered an indication of future performance. Important factors that


could cause actual results to differ materially from those expressed or


implied in the forward-looking statements are detailed under "Risk


Factors" and elsewhere in filings with the Securities and Exchange


Commission made from time to time by ValueClick, including, but not


limited to: its annual report on Form 10-K filed on February 27, 2013;


recent quarterly reports on Form 10-Q; and other current reports on Form


8-K.


The Business Outlook contained in this release is based on current


expectations. These statements are forward-looking, and actual results


may differ materially. These statements do not include the potential


impact of any mergers, acquisitions or other business combinations that


may be completed after the date of this release. Actual stock-based


compensation may differ from these estimates based on the timing and


amount of stock awards granted, the assumptions used in stock award


valuation and other factors. Actual income tax expense may differ from


these estimates based on tax planning, changes in tax accounting rules


and laws, and other factors.


ValueClick undertakes no obligation to release publicly any revisions


to any forward-looking statements to reflect events or circumstances


after the date hereof or to reflect the occurrence of unanticipated


events.









































































































































































































































































































































































































































































































































































 



VALUECLICK, INC.



CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



(In thousands, except per share data)




 




 



 






Three-month Period





Nine-month Period






Ended September 30,





Ended September 30,





2013



 



 



2012





2013



 



 



2012





(Unaudited)





(Unaudited)



Revenue




$



134,101






$



130,911






$



396,678






$



373,252



Cost of revenue




42,928



 





45,234



 





127,141



 





124,980



Gross profit




91,173






85,677






269,537






248,272



Operating expenses:














Sales and marketing (Note 1)




21,700






19,881






64,143






58,754



General and administrative (Note 1)




15,097






18,462






45,585






53,891



Technology (Note 1)




14,124






13,696






41,706






40,937




Amortization of intangible assets acquired in



business combinations




3,550



 





5,258



 





10,650



 





16,130



Total operating expenses




54,471



 





57,297



 





162,084



 





169,712



Income from operations




36,702






28,380






107,453






78,560



Interest and other (expense) income, net




(152



)





209



 





(24,022



)





1,507



Income before income taxes




36,550






28,589






83,431






80,067



Income tax expense




14,456



 





11,966



 





31,921



 





31,332



Net income from continuing operations




22,094






16,623






51,510






48,735



Net income from discontinued operations




(4,103



)





5,927






4,639






15,722



Gain on sale, net of tax






 





980



 







 





980



Net income




$



17,991



 





$



23,530



 





$



56,149



 





$



65,437














 



Net income from continuing operations



per common share - basic




$



0.31



 





$



0.22



 





$



0.69



 





$



0.62



Net income from continuing operations



per common share - diluted




$



0.30



 





$



0.22



 





$



0.68



 





$



0.61



Net income per common share - basic




$



0.25



 





$



0.31



 





$



0.76



 





$



0.84



Net income per common share - diluted




$



0.25



 





$



0.31



 





$



0.74



 





$



0.82



Weighted-average shares used to compute net



income per common share - basic




71,649



 





75,130



 





74,261



 





78,052



Weighted-average shares used to compute net



income per common share - diluted




73,322



 





76,513



 





76,085



 





79,640














 














 



Note 1 - Includes stock-based compensation as follows:














Three-month Period





Nine-month Period





Ended September 30,





Ended September 30,





2013





2012





2013





2012





(Unaudited)





(Unaudited)



Sales and marketing




$



1,254






$



1,278






$



3,801






$



3,854



General and administrative




2,335






2,732






6,893






8,652



Technology




1,126



 





1,314



 





3,371



 





4,182



Total stock-based compensation




$



4,715



 





$



5,324



 





$



14,065



 





$



16,688




















































































































































































































































 



VALUECLICK, INC.



CONDENSED CONSOLIDATED BALANCE SHEETS




(In thousands)




 




 



 



 






September 30,






December 31,





2013






2012





(Unaudited)



ASSETS









Current Assets:









Cash and cash equivalents




$



54,522







$



100,403



Accounts receivable, net




110,571







130,601



Other current assets




28,894







25,364



Assets held for sale




48,686



 






54,893



Total current assets




242,673







311,261









 



Assets held for sale, less current portion




56,945







59,457



Note receivable, less current portion










27,615



Property and equipment, net




29,194







25,971



Goodwill




388,968







388,895



Intangible assets, net




54,735







71,342



Other assets




14,260



 






15,155



TOTAL ASSETS




$



786,775



 






$



899,696









 



LIABILITIES AND STOCKHOLDERS' EQUITY









Borrowings under credit facility, current




$









$



10,000



Other current liabilities




93,000







121,337



Borrowings under credit facility, less current portion




195,000







132,500



Other non-current liabilities




35,655







33,039



Liabilities related to assets held for sale




10,889



 






12,115



Total liabilities




334,544







308,991



Total stockholders' equity




452,231



 






590,705



TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY




$



786,775



 






$



899,696












 











































































































































































































































































































































VALUECLICK, INC.



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



(In thousands)




 






Nine-month Period
Ended September 30,





2013



 



 



 



2012



Cash flows from operating activities:









Net income




$



56,149







$



65,437




Adjustments to reconcile net income to net cash provided by


operating activities:









Loss on note receivable




22,556










Depreciation and amortization




29,086







34,473




Non-cash, stock-based compensation




14,950







17,390




Provision for doubtful accounts and sales credits




2,718







2,687




Gain on sale of business










(980



)



Amortization of discount on note receivable




(570



)






(1,779



)



Deferred income taxes




5,957







(1,074



)



Tax benefit from stock-based awards




4,056







2,330




Excess tax benefit from stock-based awards




(4,216



)






(2,552



)



Changes in operating assets and liabilities, excluding business


acquisitions




(17,929



)






(10,424



)



Net cash provided by operating activities




112,757







105,508










 



Cash flows from investing activities:









Purchases of property and equipment




(12,203



)






(13,744



)



Principal payments received on note receivable




7,460







3,099




Payments for acquisitions, net of cash acquired






 






(154



)



Net cash used in investing activities




(4,743



)






(10,799



)









 



Cash flows from financing activities:









Proceeds from borrowings under credit agreement





157,500







82,000




Repayments under credit agreement





(105,000



)






(74,500



)



Repurchases and retirement of common stock




(223,823



)






(108,817



)



Proceeds from shares issued under employee stock programs




8,479







6,196




Excess tax benefit from stock-based awards




4,216



 






2,552



 



Net cash used in financing activities




(158,628



)






(92,569



)









 



Effect of exchange rate changes on cash and cash equivalents




1,031



 






1,420



 



Net (decrease) increase in cash and cash equivalents




(49,583



)






3,560










 



Cash and cash equivalents, beginning of period




136,638



 






116,676



 



Cash and cash equivalents, end of period




87,055







120,236




Less cash and cash equivalents of discontinued operations at end of


period




32,533



 






33,987



 



Cash and cash equivalents of continuing operations, end of period




$



54,522



 






$



86,249



 

































































































































































































 



VALUECLICK, INC.



RECONCILIATION OF NET INCOME FROM CONTINUING OPERATIONS



TO ADJUSTED EBITDA (Note 1)



(In thousands)




 




 



 



 






Three-month Period






Nine-month Period





Ended September 30,






Ended September 30,





2013



 



 



2012






2013



 



 



2012





(Unaudited)






(Unaudited)



Net income from continuing operations




$



22,094






$



16,623







$



51,510






$



48,735




Interest and other expense (income), net




152






(209



)






24,022






(1,507



)



Income tax expense




14,456






11,966







31,921






31,332




Amortization of acquired intangible assets included in cost of


revenue




1,986






2,018







5,957






5,990




Amortization of acquired intangible assets included in operating


expenses




3,550






5,258







10,650






16,130




Depreciation and leasehold amortization




3,232






2,762







9,240






7,451




Stock-based compensation




4,715



 





5,324



 






14,065



 





16,688



 



Adjusted EBITDA




$



50,185



 





$



43,742



 






$



147,365



 





$



124,819



 


Note 1 - "Adjusted EBITDA" (GAAP net income from continuing


operations before interest, income taxes, depreciation, amortization,


and stock-based compensation) included in this press release is a


non-GAAP financial measure.


Adjusted EBITDA, as defined above, may not be similar to adjusted EBITDA


measures used by other companies and is not a measurement under GAAP.


Management believes that adjusted EBITDA provides useful information to


investors about the Company's performance because it eliminates the


effects of period-to-period changes in income from interest on the


Company's cash and cash equivalents, note receivable and borrowings, and


the costs associated with income tax expense, capital investments, and


stock-based compensation which are not directly attributable to the


underlying performance of the Company's business operations. Management


uses adjusted EBITDA in evaluating the overall performance of the


Company's business operations.


Though management finds adjusted EBITDA useful for evaluating aspects of


the Company's business, its reliance on this measure is limited because


excluded items often have a material effect on the Company's earnings


and earnings per common share calculated in accordance with GAAP.


Therefore, management uses adjusted EBITDA in conjunction with GAAP


earnings and earnings per common share measures. The Company believes


that adjusted EBITDA provides investors with an additional tool for


evaluating the Company's core performance, which management uses in its


own evaluation of overall performance, and a baseline for assessing the


future earnings potential of the Company. While the GAAP results are


more complete, the Company prefers to allow investors to have this


supplemental metric since, with a reconciliation to GAAP, it may provide


greater insight into the Company's financial results.



















































































































































































 



VALUECLICK, INC.



RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO



NON-GAAP DILUTED NET INCOME PER COMMON SHARE (Note 1)



(In thousands)




 




 



 



 






Three-month Period






Nine-month Period





Ended September 30,






Ended September 30,





2013



 



2012






2013



 



2012





(Unaudited)






(Unaudited)



Net income from continuing operations




$



22,094





$



16,623







$



51,510





$



48,735




Stock-based compensation




4,715





5,324







14,065





16,688




Amortization of acquired intangible assets included in cost of


revenue




1,986





2,018







5,957





5,990




Amortization of acquired intangible assets included in operating


expenses




3,550





5,258







10,650





16,130




Tax impact of above items




(4,155



)




(4,708



)






(12,591



)




(13,732



)



Non-GAAP net income




$



28,190



 




$



24,515



 






$



69,591



 




$



73,811



 



Non-GAAP net income per diluted common share




$



0.38



 




$



0.32



 






$



0.91



 




$



0.93



 



Weighted-average shares used to compute non-GAAP net income per


diluted common share




73,322



 




76,513



 






76,085



 




79,640



 


Note 1 - "Non-GAAP net income per diluted common share" (GAAP net income


from continuing operations per diluted common share before the impact of


stock-based compensation and amortization of intangible assets) included


in this press release is a non-GAAP financial measure.


Non-GAAP net income per diluted common share, as defined above, may not


be similar to non-GAAP net income per diluted common share measures used


by other companies and is not a measurement under GAAP. Management


believes that non-GAAP net income per diluted common share provides


useful information to investors about the Company's performance because


it eliminates the effects of items which are not directly attributable


to the underlying performance of the Company's business operations.


Management uses non-GAAP net income per diluted common share in


evaluating the overall performance of the Company's business operations.


Though management finds non-GAAP net income per diluted common share


useful for evaluating aspects of the Company's business, its reliance on


this measure is limited because excluded items often have a material


effect on the Company's earnings and earnings per common share


calculated in accordance with GAAP. Therefore, management uses non-GAAP


net income per diluted common share in conjunction with GAAP earnings


and earnings per common share measures. The Company believes that


non-GAAP net income per diluted common share provides investors with an


additional tool for evaluating the Company's core performance, which


management uses in its own evaluation of overall performance, and a


baseline for assessing the future earnings potential of the Company.


While the GAAP results are more complete, the Company prefers to allow


investors to have this supplemental metric since, with a reconciliation


to GAAP, it may provide greater insight into the Company's financial


results.
























































































































































































































































































































































































































































































 



VALUECLICK, INC.



SEGMENT OPERATING RESULTS



(In thousands)




 




 



 



 






Three-month Period






Nine-month Period





Ended September 30,






Ended September 30,





2013



 



2012






2013



 



2012





(Unaudited)






(Unaudited)



Affiliate Marketing:













Revenue




$



38,872





$



34,871







$



113,805





$



105,583




Cost of revenue




4,491



 




4,514



 






13,579



 




12,890



 



Gross profit




34,381





30,357







100,226





92,693




Operating expenses




10,775



 




10,014



 






31,111



 




29,718



 



Segment income from operations




$



23,606



 




$



20,343



 






$



69,115



 




$



62,975



 













 



Media:













Revenue




$



95,254





$



96,104







$



283,000





$



267,941




Cost of revenue




36,458



 




38,735



 






107,674



 




106,226



 



Gross profit




58,796





57,369







175,326





161,715




Operating expenses




28,554



 




29,722



 






85,789



 




86,543



 



Segment income from operations




$



30,242



 




$



27,647



 






$



89,537



 




$



75,172



 













 



Reconciliation of segment income from operations



to consolidated income from operations:











Total segment income from operations




$



53,848





$



47,990







$



158,652





$



138,147




Corporate expenses




(6,895



)




(7,010



)






(20,527



)




(20,779



)



Stock-based compensation




(4,715



)




(5,324



)






(14,065



)




(16,688



)



Amortization of acquired intangible assets included in cost of


revenue




(1,986



)




(2,018



)






(5,957



)




(5,990



)



Amortization of acquired intangible assets included in operating


expenses




(3,550



)




(5,258



)






(10,650



)




(16,130



)



Consolidated income from operations




$



36,702



 




$



28,380



 






$



107,453



 




$



78,560



 













 



Reconciliation of segment revenue to consolidated revenue:













Affiliate Marketing




$



38,872





$



34,871







$



113,805





$



105,583




Media




95,254





96,104







283,000





267,941




Inter-segment eliminations




(25



)




(64



)






(127



)




(272



)



Consolidated revenue




$



134,101



 




$



130,911



 






$



396,678



 




$



373,252



 





















 



Investor Contact:
ValueClick, Inc.
Erik Randerson, CFA
1.818.575.4540
eranderson@valueclick.com



Source: ValueClick, Inc.



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