Marchex, Inc. Files Amendment No. 1 to 10-Q for Q1 2023

TL;DR

<b>Marchex, Inc. has filed an amendment to its Q1 2023 10-Q report.</b>

AI Summary

MARCHEX INC (MCHX) filed a Amended Quarterly Report (10-Q/A) with the SEC on January 16, 2024. Marchex, Inc. filed an amendment (10-Q/A) to its quarterly report for the period ended March 31, 2023. The filing was submitted on January 16, 2024. The company is incorporated in Delaware and has its principal executive offices in Seattle, WA. Marchex, Inc. is registered under the 1934 Securities Exchange Act with SEC file number 000-50658. The company's Class B Common Stock is traded under the symbol MCHX on The Nasdaq Global Select Market.

Why It Matters

For investors and stakeholders tracking MARCHEX INC, this filing contains several important signals. This amendment indicates a need for correction or additional information regarding the company's financial reporting for the first quarter of 2023. The filing provides updated details on the company's structure, registration, and stock exchange listing, which are crucial for investors tracking Marchex.

Risk Assessment

Risk Level: low — MARCHEX INC shows low risk based on this filing. The filing is an amendment to a previous report, suggesting potential corrections or clarifications rather than new material negative events.

Analyst Insight

Review the specific changes in Amendment No. 1 to the 10-Q filing to understand any updated financial or operational details for Marchex, Inc.

Key Numbers

• 2023-03-31 — Quarterly Period End Date (10-Q/A filing)
• 2024-01-16 — Filing Date (10-Q/A filing)

Key Players & Entities

• Marchex, Inc. (company) — Registrant name
• 0000950170-24-004472 (other) — Accession Number
• 2024-01-16 (date) — Filing date
• 2023-03-31 (date) — Quarterly period ended
• 000-50658 (other) — Commission File Number
• MCHX (company) — Trading Symbol
• The Nasdaq Global Select Market (company) — Exchange

Forward-Looking Statements

• Marchex will continue to maintain its accelerated filer status. (Marchex, Inc.) — high confidence, target: 2025-01-16

FAQ

Industry Context

Marchex, Inc. operates in the business services sector, specifically focusing on digital marketing and advertising technology.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring quarterly reports from public companies.

What Investors Should Do

1. Review the full 10-Q/A filing for Marchex, Inc. to identify specific changes and updates.
2. Monitor future filings for any financial performance or strategic announcements from Marchex, Inc.
3. Analyze the company's stock performance (MCHX) in relation to this amended filing.

Key Dates

• 2023-03-31: Quarterly period ended — Marks the end of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the amendment (10-Q/A) was filed with the SEC.

Year-Over-Year Comparison

This is an amendment (10-Q/A) to a previously filed quarterly report, indicating updates or corrections to the original Q1 2023 filing.

Key Financial Figures

• $0.01 — holders&#x2019; equity: Common stock, $0.01 par value, Authorized 137,500 shares
• $84,000 — ondensed Consolidated Balance Sheet was $84,000 and $132,000 as of December 31, 2022 an
• $132,000 — solidated Balance Sheet was $84,000 and $132,000 as of December 31, 2022 and March 31, 2
• $1.4 million — ecember 31, 2022 and March 31, 2023 was $1.4 million and $1.7 million, respectively. During
• $1.7 m — and March 31, 2023 was $1.4 million and $1.7 million, respectively. During the three m
• $541,000 — nces at the beginning of the period was $541,000 and $424,000, respectively. The major
• $424,000 — eginning of the period was $541,000 and $424,000, respectively. The majority of the Co
• $163,000 — 022 and March 31, 2023, the Company had $163,000 and $212,000 of net deferred contract c
• $212,000 — 31, 2023, the Company had $163,000 and $212,000 of net deferred contract costs, respect
• $1.5 million — ization associated with these costs was $1.5 million and $1.6 million for the periods ended
• $1.6 million — d with these costs was $1.5 million and $1.6 million for the periods ended December 31, 2022

Filing Documents

• mchx-20230331.htm (10-Q/A) — 1310KB
• mchx-ex31_1.htm (EX-31.1) — 12KB
• mchx-ex32.htm (EX-32) — 16KB
• 0000950170-24-004472.txt (&nbsp;) — 1629KB
• mchx-20230331.xsd (EX-101.SCH) — 59KB
• mchx-20230331_htm.xml (XML) — 9KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II. OTHER INFORMATION 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 4. Mine Safety Disclosures 38 Item 6. Exhibits 39 Signature 40

&#x2014;FINANCIAL INFORMATION

PART I&#x2014;FINANCIAL INFORMATION

Condensed Consolid ated Financial Statements

Item 1. Condensed Consolid ated Financial Statements MARCHEX, INC. AND SUBSIDIARIES Condensed Consolida ted Balance Sheets (in thousands) (unaudited) December 31, March 31, 2022 2023 Assets Current assets: Cash and cash equivalents $ 20,474 $ 15,710 Accounts receivable, net 8,396 8,047 Prepaid expenses and other current assets 2,015 2,397 Total current assets 30,885 26,154 Property and equipment, net 4,050 4,530 Right-of-use lease asset 738 495 Other assets, net 973 1,118 Goodwill 17,558 17,558 Intangible assets from acquisitions, net 2,590 2,059 Total assets $ 56,794 $ 51,914 Liabilities and Stockholders&#x2019; Equity Current liabilities: Accounts payable $ 2,037 $ 1,342 Accrued benefits and payroll 3,566 2,981 Other accrued expenses and current liabilities 3,825 4,261 Deferred revenue and deposits 1,384 1,676 Right of use liability, current 1,252 189 Finance lease, current &#x2014; 161 Total current liabilities 12,064 10,610 Deferred tax liabilities 233 232 Finance lease, non-current - 290 Right of use liability non-current 385 336 Total liabilities 12,682 11,468 Commitments and contingencies - See Note 10 Stockholders&#x2019; equity: Common stock, $0.01 par value, Authorized 137,500 shares Class A: 12,500 shares authorized; 4,661 shares issued and outstanding at December 31, 2022 and March 31, 2023 49 49 Class B: 125,000 shares authorized; 38,497 shares issued and outstanding at December 31, 2022, including 1,105 shares of restricted stock; and 38,674 shares issued and outstanding at March 31, 2023, including 1,218 shares of restricted stock 385 387 Additional paid-in capital 354,999 355,807 Accumulated deficit (311,321 ) (315,797 ) Total stockholders&#x2019; equity 44,112 40,446 Total liabilities and stockholders&#x2019; equity $ 56,794 $ 51,914