Marchex Announces First Quarter 2023 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, 2023.\n\n\nQ1 2023 Financial Highlights\n\n\n\nGAAP revenue was $12.2 million for the first quarter of 2023 compared to $13.2 million for the first quarter of 2022.\n\n\n\nNet loss was $4.5 million for the first quarter of 2023 or $0.11 per diluted share compared to a net loss of $1.6 million or $0.04 per diluted share for the first quarter of 2022.\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2023\n\n\n\n\n\n\n\n\nGAAP Revenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$13.2 million\n\n\n\n\n\n\n \n\n\n\n\n\n\n$12.2 million\n\n\n\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 \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\n\n\n\n\n\n$151,000\n\n\n\n\n\n\n \n\n\n\n\n\n\n($2.8) million\n\n\n\n\n\n\n\n\n\n*\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdjusted EBITDA includes approximately $800,000 of reorganization costs. Excluding these amounts would result in Adjusted EBITDA totaling ($2.0) million dollars\n\n\n\n\n\n\n\n\nAdjusted non-GAAP income (loss) per share for the first quarter of 2023 was ($0.08) compared to ($0.01) for the first quarter of 2022.\n\n\n\nFirst Quarter Summary:\n\n\n\nNew Customer Traction and Existing Customer Expansion. During the first quarter of 2023, Marchex signed a long-term, multi-year extension with an existing auto brand customer and won an additional long-term, multi-year agreement with a new auto brand. Under the parameters of both agreements, there is significant growth potential over time. The company also signed a multi-year extension with a small business listing and solutions provider that primarily sells marketing services to local businesses.\n\n\n\nConversation Volumes. Overall conversation volumes in the first quarter of 2023 were down on a year-over-year basis, due in part to some customers being impacted by inflationary pressures, customer churn and pressure from other overall macroeconomic factors.\n\n\n\nAccelerate Product Innovation. Marchex recently launched Spotlight for Automotive, a key addition to the company’s conversation i...

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