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Business Segments (Tables)
 6 Months Ended
Jun. 30, 2017
Business Segments  
Schedule of financial performance of our operating segments and reconciliation to consolidated operating loss

The financial performance of our operating segments and reconciliation to consolidated operating loss is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

  

Six months ended June 30, 

 

 

2017

 

2016

 

2017

 

2016

Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Marketplaces

 

$

17,691

 

$

13,409

 

$

33,568

 

$

26,871

Media

 

 

10,874

 

 

11,026

 

 

22,235

 

 

24,533

Total revenue

 

$

28,565

 

$

24,435

 

$

55,803

 

$

51,404

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Operating Expenses:

 

 

 

    

 

 

 

 

 

 

 

 

Marketplaces(1)

 

$

19,434

 

$

13,611

 

$

36,716

 

$

26,934

Media(1)

 

 

6,476

 

 

10,285

 

 

14,222

 

 

21,729

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses(2)

 

 

6,607

 

 

6,832

 

 

13,522

 

 

14,264

Consolidated operating expenses

 

$

32,517

 

$

30,728

 

$

64,460

 

$

62,927

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Operating Contribution:

 

 

 

    

 

 

 

 

 

    

 

 

Marketplaces(3)

 

$

(1,743)

 

$

(202)

 

$

(3,148)

 

$

(63)

Media(3)

 

 

4,398

 

 

741

 

 

8,013

 

 

2,804

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses(2)

 

 

(6,607)

 

 

(6,832)

 

 

(13,522)

 

 

(14,264)

Acquisition, disposition and realignment costs(4)

 

 

19

 

 

1,122

 

 

299

 

 

1,297

Adjusted EBITDA(5)

 

$

(3,933)

 

$

(5,171)

 

$

(8,358)

 

$

(10,226)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to consolidated pre-tax income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA(5)

 

$

(3,933)

 

$

(5,171)

 

$

(8,358)

 

$

(10,226)

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

 

38

 

 

23

 

 

79

 

 

25

Other (expense) income, net(6)

 

 

(6)

 

 

38,182

 

 

(3)

 

 

39,162

Depreciation and amortization(7)

 

 

(2,799)

 

 

(4,857)

 

 

(6,066)

 

 

(10,588)

Stock-based compensation(8)

 

 

(2,166)

 

 

(2,519)

 

 

(4,244)

 

 

(4,438)

Acquisition, disposition and realignment costs(4)

 

 

(19)

 

 

(1,122)

 

 

(299)

 

 

(1,297)

(Loss) income before income taxes

 

$

(8,885)

 

$

24,536

 

$

(18,891)

 

$

12,638

(1)

Segment operating expenses reflects operating expenses that are directly attributable to the operating segment, not including corporate and unallocated expenses, and also excluding the following: (a) depreciation expense; (b) amortization of intangible assets; (c) share-based compensation expense; (d) interest and other income (expenses); and (e) income taxes.

 

(2)

Corporate expenses include operating expenses that are not directly attributable to the operating segments, including: corporate information technology, marketing, and general and administrative support functions and also excludes the following: (a) depreciation expense; (b) amortization of intangible assets; (c) share-based compensation expense; (d) interest and other income (expenses); and (e) income taxes.

 

(3)

Segment operating contribution reflects segment revenue less segment operating expenses. Operating contribution has certain limitations in that it does not take into account the impact to the statement of operations of certain expenses and is not directly comparable to similar measures used by other companies.

 

(4)

Represents such items, when applicable, as (a) legal, accounting and other professional service fees directly attributable to acquisition, disposition or corporate realignment activities and (b) employee severance and other payments attributable to acquisition, disposition or corporate realignment activities.

 

(5)

Adjusted EBITDA reflects net income (loss) excluding interest (income) expense, income tax expense (benefit), and certain other non-cash or non-recurring items impacting net income (loss) from time to time, principally comprised of depreciation and amortization, stock-based compensation and acquisition, disposition and realignment costs.

 

(6)

Primarily consists of income from the disposition of certain businesses and online properties.

 

(7)

Represents depreciation expense of our long-lived tangible assets and amortization expense of our finite-lived intangible assets, including amortization expense related to our investment in media content assets, included in our GAAP results of operations.

 

(8)

Represents the expense related to stock-based awards granted to employees as included in our GAAP results of operations.

Summary of Revenue by Geographic Region

 

Revenue by geographic region, as determined based on the location of our customers or anticipated destination of use, is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 

 

Six months ended June 30, 

 

 

2017

    

2016

    

2017

    

2016

Domestic

 

$

23,173

 

$

19,526

 

$

45,006

 

$

41,506

International

 

 

5,392

 

 

4,909

 

 

10,797

 

 

9,898

Total revenue

 

$

28,565

 

$

24,435

 

$

55,803

 

$

51,404