Marchex Announces First Quarter 2022 Results

About this update from Marchex, Inc.

[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nMarchex, Inc. (NASDAQ: MCHX), the award-winning AI-powered conversation intelligence company that helps businesses turn strategic insights into the actions that drive their most valued sales outcomes, today announced its financial results for the first quarter ended March 31, 2022.\n\nQ1 2022 Financial Highlights\n\n\nGAAP revenue was $13.2 million for the first quarter of 2022, compared to $13.0 million for the first quarter of 2021.\n\n\nFirst quarter 2022 core analytics and solutions revenue was $13.2 million as compared to the first quarter of 2021 amount of $12.7 million, which excludes the benefit of recognizing $262,000 of revenue that was reserved at the end of the fourth quarter of 2020 during the pandemic given it did not meet recognition criteria at such time. Including this amount, revenue for the first quarter of 2021 was $13.0 million.\n\n\nNet loss was $1.6 million for the first quarter of 2022 or $0.04 per diluted share, compared to a net loss of $5.3 million or $0.12 per diluted share for the first quarter of 2021.\n\n\n\n\n \n\n\n\n \n\n\n\nQ1 2021\n\n\n\n \n\n\n\nQ1 2022\n\n\n\n\n\nGAAP Revenue\n\n\n\n \n\n\n\n$13 million\n\n\n\n \n\n\n\n$13.2 million\n\n\n\n\n\nNon-GAAP Results:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nAdjusted EBITDA\n\n\n\n \n\n\n\n($3.0) million\n\n\n\n \n\n\n\n$151,000\n\n\n\n\n\nAdjusted non-GAAP income (loss) per share for the first quarter of 2022 was ($0.01) compared to ($0.08) for the first quarter of 2021.\n\n\nStrategic Priorities and Growth Initiatives\n\n\nNew Customer Traction and Existing Customer Expansion. Marchex saw continued momentum with new enterprise customers across multiple product lines in Home Services, Health Care and other verticals. In addition, we continue to see strong long-term growth opportunities in our Auto vertical through the expansion of relationships with Fortune 500 customers.\n\n\n\nCompany Maintains Profitability Metrics in the First Quarter. In the first quarter of 2022, Marchex achieved above break-even Adjusted EBITDA in part through continued progress with the Company’s cost initiatives, including its technology and cloud-based infrastructure projects.\n\n\n\nConversation Volumes. Conversation volume trends were largely flat with the pandemic and seasonally affected fourth quarter of 2021 for much of the first q...

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