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Reachlocal Inc (RLOC) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Reachlocal Inc

CIK: 1297336

 

Exhibit 99.1

 

 

 

ReachLocal Reports Fourth Quarter and Full Year 2013 Results

 

 

2013 Revenue of $514.1 Million, Up 13% Year-over-Year; 35% Revenue Growth in International Markets (41% on a Constant Currency Basis)

 

Sold Over 1,200 ReachEdge Software Licenses

 

 

(WOODLAND HILLS, CA) – February 11, 2014 -

ReachLocal, Inc. (NASDAQ:RLOC), a leader in local online marketing and commerce solutions for small- and medium-sized businesses (SMBs), today reported financial results for the fourth quarter and full year 2013.

 

Highlights:

 

 

Annual revenue growth of 13%, with 35% growth in international markets (41% on a constant currency basis) and 14% growth in the direct local channel. Fourth quarter revenue growth of 11%, highlighted by 34% growth in international markets (41% on a constant currency basis) and 11% growth in the direct local channel.

 

Annual international revenue grew to 34% of revenue (34% on a constant currency basis), up from 28% of revenue for 2012. Fourth quarter international revenue grew to 36% of revenue (38% on a constant currency basis), up from 30% in Q4 2012.

 

Annual Adjusted EBITDA of $32.8 million and fourth quarter Adjusted EBITDA of $6.0 million reflecting both the classification of ClubLocal as a discontinued operation and the $4.8 million impairment of amounts due from Oxata. Absent the Oxata impairment, Adjusted EBITDA would have been $10.8 million and $37.6 million for the fourth quarter and year, respectively.

 

Expanded European footprint with new operations in Belgium and Austria, expanded presence in major markets including Brazil and Japan, and launched operations directly in Mexico in first quarter of 2014.

 

Successfully developed and deployed ReachEdge, a marketing automation software product, selling more than 1,200 licenses since September 2013.

 

Initiated sales realignment in the fourth quarter aimed at reaccelerating growth in North America and facilitating ReachLocal’s ability to sell a new multiproduct solution set.

 

Active Advertisers grew 9% and Active Campaigns grew 8%, both for the year and the quarter.

 

Repurchased 1,394,000 shares of stock for $18.9 million during 2013 at an average price of $13.55 per share; ReachLocal has repurchased 3,380,000 shares for $36.3 million to date.

 

 
 

The following information was filed by Reachlocal Inc on Tuesday, February 11, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parentheticals)
Consolidated Statements Of Stockholders’ Equity
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Organization And Description Of Business
Note 10 - Stock-based Compensation
Note 10 - Stock-based Compensation (details)
Note 10 - Stock-based Compensation (details) - Options Outstanding And Vested And Exercisable
Note 10 - Stock-based Compensation (details) - Stock Based Compensation Expense, Net Of Capitalization, Included In The Condensed Consolidated Statements Of Operations
Note 10 - Stock-based Compensation (details) - Summary Of Restricted Stock Awards And Restricted Stock Unit Awards
Note 10 - Stock-based Compensation (details) - Summary Of Stock Based Compensation
Note 10 - Stock-based Compensation (details) - Summary Of Vested And Unvested Options Activity
Note 10 - Stock-based Compensation (details) - Weighted Average Assumptions Used To Estimate Fair Value Of Stock Options Granted
Note 10 - Stock-based Compensation (tables)
Note 11 - Income Taxes
Note 11 - Income Taxes (details)
Note 11 - Income Taxes (details) - Components Of Income (loss) Domestic And Foreign
Note 11 - Income Taxes (details) - Components Of Income Tax Provision
Note 11 - Income Taxes (details) - Deferred Tax Assets And Liabilities
Note 11 - Income Taxes (details) - Income Tax Rate Reconciliation
Note 11 - Income Taxes (details) - Summary Of Net Operating Loss Carryforwards
Note 11 - Income Taxes (details) - Summary Of Unrecognized Tax Benefits
Note 11 - Income Taxes (tables)
Note 12 - 401(k) Plan
Note 12 - 401(k) Plan (details)
Note 13 - Segment Information
Note 13 - Segment Information (details)
Note 13 - Segment Information (details) - Revenue And Long Lived Assets By Geographic Area
Note 13 - Segment Information (tables)
Note 14 - Discontinued Operations
Note 14 - Discontinued Operations (details)
Note 14 - Discontinued Operations (details) - Net Sales And Loss Before Income Taxes From Discontinued Operations
Note 14 - Discontinued Operations (tables)
Note 15 - Quarterly Information (unaudited)
Note 15 - Quarterly Information (unaudited) (details) - Quarterly Financial Data
Note 15 - Quarterly Information (unaudited) (tables)
Note 16 - Subsequent Events
Note 16 - Subsequent Events (details)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (details)
Note 2 - Summary Of Significant Accounting Policies (details) - Anti-dilutive Securities
Note 2 - Summary Of Significant Accounting Policies (details) - Computation Of Basic And Diluted Income From Continuing Operations
Note 2 - Summary Of Significant Accounting Policies (details) - Computation Of Basic And Diluted Loss From Discontinued Operations
Note 2 - Summary Of Significant Accounting Policies (details) - Estimated Useful Lives Of Assets
Note 2 - Summary Of Significant Accounting Policies (details) - Summary Of The Allowance For Doubtful Accounts
Note 2 - Summary Of Significant Accounting Policies (tables)
Note 3 - Fair Value Of Financial Instruments
Note 3 - Fair Value Of Financial Instruments (details)
Note 3 - Fair Value Of Financial Instruments (details) - Assets Not Carried At Fair Value
Note 3 - Fair Value Of Financial Instruments (details) - Basis Of Fair Value Measurement
Note 3 - Fair Value Of Financial Instruments (tables)
Note 4 - Acquisitions
Note 4 - Acquisitions (details)
Note 4 - Acquisitions (details) - Assets Acquired And Liabilities Assumed
Note 4 - Acquisitions (details) - Assets Acquired And Liabilities Assumed
Note 4 - Acquisitions (details) - Estimated Amortization Expense Over The Remaining Lives
Note 4 - Acquisitions (tables)
Note 5 - Property And Equipment
Note 5 - Property And Equipment (details)
Note 5 - Property And Equipment (details) - Property And Equipment
Note 5 - Property And Equipment (tables)
Note 6 - Software Development Costs
Note 6 - Software Development Costs (details)
Note 6 - Software Development Costs (details) - Capitalized Software Development Costs
Note 6 - Software Development Costs (tables)
Note 7 - Variable Interest Entities
Note 7 - Variable Interest Entities (details)
Note 8 - Commitments And Contingencies
Note 8 - Commitments And Contingencies (details)
Note 8 - Commitments And Contingencies (details) - Operating Leases Future Minimum Payments
Note 8 - Commitments And Contingencies (tables)
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity (details)
Note 9 - Stockholders' Equity (details) - Number Of Common Stock Reserved For Future Issuances
Note 9 - Stockholders' Equity (tables)
CIK: 1297336
Form Type: 10-K Annual Report
Accession Number: 0001437749-14-003411
Submitted to the SEC: Tue Mar 04 2014 9:41:01 PM EST
Accepted by the SEC: Wed Mar 05 2014
Period: Tuesday, December 31, 2013
Industry: Advertising Agencies

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