Marchex, Inc. Files 10-Q/A Amendment

TL;DR

<b>Marchex, Inc. has filed an amended 10-Q report for the quarter ending June 30, 2023.</b>

AI Summary

MARCHEX INC (MCHX) filed a Amended Quarterly Report (10-Q/A) with the SEC on February 8, 2024. Marchex, Inc. filed a 10-Q/A (Amendment No. 2) on February 8, 2024. The filing pertains to the quarterly period ended June 30, 2023. The company is incorporated in Delaware and has an IRS number of 35-2194038. Marchex, Inc. is classified as a non-accelerated filer and a smaller reporting company. The Class B Common Stock of Marchex, Inc. 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 potential revisions or additions to previously reported financial information for the second quarter of 2023. As a smaller reporting company and non-accelerated filer, Marchex's filings are subject to specific disclosure requirements and scrutiny.

Risk Assessment

Risk Level: low — MARCHEX INC shows low risk based on this filing. The filing is an amendment (10-Q/A), which suggests a need for correction or clarification of previously submitted information, but the nature of the amendment is not detailed in the provided header.

Analyst Insight

Review the full amendment filing to understand the specific changes made to the Q2 2023 report and their potential impact on Marchex, Inc.'s financial standing.

Key Numbers

• 000-50658 — Commission File Number (SEC)
• 2023-06-30 — Quarterly Period End Date (10-Q/A)
• 2024-02-08 — Filing Date (10-Q/A)

Key Players & Entities

• MARCHEX INC (company) — Filer name
• 0000950170-24-012595 (other) — Accession Number
• 2024-02-08 (date) — Filing Date
• 2023-06-30 (date) — Period of Report
• Delaware (other) — State of Incorporation
• 35-2194038 (other) — IRS Number
• MCHX (ticker) — Trading Symbol
• The Nasdaq Global Select Market (exchange) — Exchange where Class B Common Stock is registered

Forward-Looking Statements

• Marchex will continue to maintain its accelerated filer status in future filings. (Marchex, Inc.) — high confidence, target: 2024-12-31

FAQ

Industry Context

Marchex, Inc. operates in the business services sector, specifically focusing on solutions related to business phone calls and customer engagement.

Regulatory Implications

The filing is a 10-Q/A, an amendment to a quarterly report, indicating compliance with Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the content of Amendment No. 2 to the 10-Q filing for Marchex, Inc. to identify specific changes from the original filing.
2. Assess the implications of any disclosed financial or operational adjustments on Marchex, Inc.'s performance and outlook.
3. Monitor future filings for any further updates or clarifications related to the Q2 2023 reporting period.

Key Dates

• 2023-06-30: Quarterly period ended — Reporting period for the 10-Q/A filing
• 2024-02-08: Filing date — Date the 10-Q/A amendment was filed with the SEC

Year-Over-Year Comparison

This is an amended filing (10-Q/A), indicating revisions or additions to the previously submitted quarterly report for the period ending June 30, 2023.

Key Financial Figures

• $0.01 — Stockholders' equity: Common stock, $0.01 par value, Authorized 137,500 shares
• $84,443 — ondensed Consolidated Balance Sheet was $84,443 and $219,000 as of December 31, 2022 an
• $219,000 — solidated Balance Sheet was $84,443 and $219,000 as of December 31, 2022 and June 30, 20
• $1.4 million — December 31, 2022 and June 30, 2023 was $1.4 million and $1.4 million, respectively. During
• $1.4 m — and June 30, 2023 was $1.4 million and $1.4 million, respectively. During the six mon
• $673,000 — nces at the beginning of the period was $673,000 and $643,000, respectively. During the
• $643,000 — eginning of the period was $673,000 and $643,000, respectively. During the three months
• $132,000 — nces at the beginning of the period was $132,000 and $219,000, respectively. The major
• $163,000 — 2022 and June 30, 2023, the Company had $163,000 and $193,000 of net deferred contract
• $193,000 — 30, 2023, the Company had $163,000 and $193,000 of net deferred contract costs, respe
• $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-20230630.htm (10-Q/A) — 1422KB
• mchx-ex31_1.htm (EX-31.1) — 12KB
• mchx-ex31_2.htm (EX-31.2) — 15KB
• mchx-ex32.htm (EX-32) — 16KB
• 0000950170-24-012595.txt (&nbsp;) — 1767KB
• mchx-20230630.xsd (EX-101.SCH) — 59KB
• mchx-20230630_htm.xml (XML) — 9KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II. OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 4. Mine Safety Disclosures 43 Item 6. Exhibits 44 Signature 45 1

—FINANCIAL INFORMATION

PART I—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, June 30, 2022 2023 Assets Current assets: Cash and cash equivalents $ 20,474 $ 14,122 Accounts receivable, net 8,396 7,724 Prepaid expenses and other current assets 2,015 2,200 Total current assets 30,885 24,046 Property and equipment, net 4,050 4,669 Right-of-use lease asset 738 1,858 Other assets, net 973 1,064 Goodwill 17,558 17,558 Intangible assets from acquisitions, net 2,590 1,528 Total assets $ 56,794 $ 50,723 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,037 $ 915 Accrued benefits and payroll 3,566 2,903 Other accrued expenses and current liabilities 3,825 4,194 Deferred revenue and deposits 1,384 1,441 Right of use liability, current 1,252 443 Finance lease, current — 264 Total current liabilities 12,064 10,160 Deferred tax liabilities 233 257 Finance lease, non-current - 443 Right of use liability non-current 385 1,453 Total liabilities 12,682 12,313 Commitments and contingencies - See Note 10 Stockholders' 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 June 30, 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 38,696 shares issued and outstanding at June 30, 2023, including 989 shares of restricted stock 385 387 Additional paid-in capital 354,999 356,515 Accumulated deficit (311,321 ) (318,541 ) Total stockholders' equity 44,112 38,410 Total liabilities and stockholders' equity $ 56,794 $ 50,723 See accompanying Notes to the Condensed