Market Leader(R) Achieves Adjusted EBITDA Profit for the Quarter
Strong Momentum Continues With Tenth Consecutive Quarter of Revenue Growth
(firmenpresse) - KIRKLAND, WA -- (Marketwire) -- 07/31/12 -- Market Leader, Inc. (NASDAQ: LEDR) today announced results for the second quarter ended June 30, 2012.
Market Leader demonstrated continued financial progress during the second quarter:
Revenue increased 33% to $11.1 million from $8.3 million in the second quarter of 2011.
Revenue grew $0.9 million over last quarter, representing the tenth consecutive quarter of revenue growth and the second largest revenue increase in more than six years.
Net loss decreased to $2.1 million from $2.5 million in the first quarter of 2012.
Adjusted EBITDA profit of $0.3 million was an improvement of $0.7 million over the first quarter of 2012 on $0.9 million in incremental revenue.
Cash, cash equivalents and short-term investments increased by $0.6 million to $21.2 million at June 30.
"The second quarter marked a major milestone for Market Leader, as we achieved adjusted EBITDA profitability while once again demonstrating the significant operating leverage in our business," said CEO Ian Morris. "We continue to be very bullish about the opportunity in front of us and are looking forward to continued strong revenue and adjusted EBITDA growth in the quarters ahead."
$29 billion is spent each year on real estate marketing and technology, according to industry sources. Market Leader's current offerings focus on the estimated $10 billion spent by residential real estate professionals to reach prospective home buyers and sellers, and to manage their businesses. More than 100,000 real estate professional customers now use Market Leader's software, a number that has increased five-fold since the beginning of 2011 due in part to the company's enterprise relationships.
Leading franchises are recognizing that Market Leader's can help them recruit and retain agents, while also making those agents more productive. By partnering with Market Leader to drive broad adoption of its platform, enterprise customers help foster success and performance improvements within their agent base. Market Leader expects to extend its success in the enterprise space with the two additional agreements with major franchises signed earlier this year. Initial revenue contributions from these important new relationships are expected by the end of 2012, and all of the company's enterprise agreements are expected to serve as catalysts for continued top and bottom line growth in 2013 and beyond.
In addition to this franchise-driven growth, Market Leader's ActiveRain community, the real estate industry's largest social networking platform, has grown to more than 300,000 real estate professional members. This membership, combined with the company's 100,000 software customers, gives Market Leader unmatched access to one out of every three real estate professionals in North America. This broad access is a unique competitive advantage for Market Leader, and creates a low cost distribution channel for the company's premium services.
Market Leader is leveraging its distribution to gain significant traction with two of its premium services.
During the second quarter, the company significantly broadened its unparalleled software platform by providing customers with an that includes more than 4,000 online and offline marketing campaigns. The seamless integration of this best-in-class application with the company's SaaS platform adds substantial new value for customers while enhancing their productivity. As a result, Market Leader expects this major upgrade to help drive both new sales and improved customer loyalty in upcoming quarters.
During the second quarter, Market Leader also demonstrated significant traction with , the company's newest premium service. Market Leader has integrated RealEstate.com with its software platform and is now providing its customers with the opportunity to leverage RealEstate.com to drive new business and differentiate themselves in their local markets. The early success of RealEstate.com is a testament to the value it is delivering to customers. With premium services like RealEstate.com, Market Leader is leveraging its strong relationships with real estate professionals to increase its share of the $10 billion they spend on marketing and technology each year.
The company's strong second quarter results coupled with the success of its growth initiatives reinforce previously stated expectations that Market Leader will continue to report strong revenue growth in the quarters ahead. Additionally, the company reiterated its expectation of Adjusted EBITDA profit for the year, and anticipates further improvements in Adjusted EBITDA margins as the company continues to drive revenue growth.
The company will host a conference call and live Webcast to discuss second quarter results on Tuesday, July 31, 2012 at 4:30 p.m. Eastern time. To listen to the live conference call, please dial (719) 457-2662. A live Webcast of the call will be available from the Investor Relations section of the company's Web site at . An audio replay of the call will also be available to investors beginning on July 31 at 7:30 p.m. Eastern time and ending on August 4 at 7:30 p.m. Eastern time by dialing (719) 457-0820 and entering the passcode 3480270#.
Market Leader, founded in 1999, provides innovative online technology and marketing solutions for real estate professionals across the United States and Canada. The company serves more than 100,000 real estate agents, brokerages and franchisors, offering complete end-to-end solutions that enable them to grow and manage their businesses. Market Leader's -- including websites, contact management, a marketing center, and lead generation services -- helps customers generate a steady stream of prospects, plus provides the systems and training they need to convert those prospects into clients. In addition, the company's national consumer real estate sites, including , give its customers access to millions of future home buyers and sellers, while providing consumers with free access to the information they seek.
For more information on Market Leader visit .
This release contains forward-looking statements relating to the company's anticipated plans, products, services, and financial performance. The words "believe," "expect," "anticipate," "intend" and similar expressions identify forward-looking statements, but their absence does not mean the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect the company's actual results include its ability to retain and increase its customer base, to continue to grow revenues, to respond to competitive threats and real estate market conditions, to develop new products, and to develop new revenue sources from its RealEstate.com assets. Please refer to the company's most recent Form 10-K filed with the Securities and Exchange Commission for a more detailed description of these and other risks that could materially affect actual results. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. The forward-looking statements are made as of today's date and the company assumes no obligation to update any such statements to reflect events or circumstances after the date hereof.
Adjusted EBITDA is a non-GAAP financial measure provided as a complement to results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Adjusted EBITDA is not a substitute for measures determined in accordance with GAAP, and may not be comparable to Adjusted EBITDA as reported by other companies. Our use of the term "Adjusted EBITDA" refers to a financial measure defined as earnings or loss before net interest, income taxes, depreciation, amortization, net loss attributable to non-controlling interest, and stock-based compensation. We believe Adjusted EBITDA to be relevant and useful information to our investors as this measure is an integral part of our internal management reporting and planning process and is the primary measure used by our management to evaluate operating performance. Following is the reconciliation of net loss, the most comparable GAAP measure, to Adjusted EBITDA, for each of the periods presented (in thousands, unaudited):
Mark Lamb
Director of Investor Relations
Market Leader, Inc.
425.952.5801
PondelWilkinson Inc.
Roger Pondel/Laurie Berman
310.279.5980
Matt Heinz
Heinz Marketing for Market Leader, Inc.
877.291.0006
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Datum: 31.07.2012 - 14:00 Uhr
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