0001437749-11-005425.txt : 20110804 0001437749-11-005425.hdr.sgml : 20110804 20110803203852 ACCESSION NUMBER: 0001437749-11-005425 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110804 DATE AS OF CHANGE: 20110803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ReachLocal Inc CENTRAL INDEX KEY: 0001297336 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-ADVERTISING AGENCIES [7311] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34749 FILM NUMBER: 111008335 BUSINESS ADDRESS: STREET 1: 21700 OXNARD STREET, SUITE 1600 CITY: WOODLAND HILLS STATE: CA ZIP: 91367 BUSINESS PHONE: 8189369906 MAIL ADDRESS: STREET 1: 21700 OXNARD STREET, SUITE 1600 CITY: WOODLAND HILLS STATE: CA ZIP: 91367 10-Q 1 rli_10q-063011.htm FORM 10-Q rli_10q-063011.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2011
 
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from            to            
 
Commission file number 001-34749
REACHLOCAL, INC.
(Exact name of registrant as specified in its charter)
   
Delaware
20-0498783
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
   
21700 Oxnard Street, Suite 1600
Woodland Hills, California
91367
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code: (818) 274-0260
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer. See definition of “accelerated filer,” “large accelerated filer” and “smaller reporting company’ in Rule 12b-2 of the Exchange Act.
 
       
Large accelerated filer
¨
Accelerated filer
¨
       
Non-accelerated filer
x  (Do not check if a smaller reporting company)
Smaller reporting company
¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.):    Yes  ¨    No  x
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
     
Title of Class
  
Number of Shares Outstanding on August 1, 2011
Common Stock, $0.00001 par value
  
29,234,422

 
 
 
 
INDEX
 
       
     
Page
       
Part I.
Financial Information
  
 
Item 1.
Condensed Consolidated Financial Statements (unaudited)
  
   
Condensed Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010
       3
   
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2011 and 2010
       4
   
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2011 and 2010
       5
   
Notes to the Condensed Consolidated Financial Statements
       6
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
       15
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
       28
 
Item 4.
Controls and Procedures
       29
     
Part II.
Other Information
  
 
Item 1.
Legal Proceedings
       30
 
Item 1A.
Risk Factors
       30
 
Item 6.
Exhibits
       30
   
Signatures
       31
 
 
 
 
 
PART I
 
FINANCIAL INFORMATION
 
Item  1.
FINANCIAL STATEMENTS
 
REACHLOCAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(Unaudited)
 
             
   
June 30,
    
December 31,
  
   
2011
    
2010
  
Assets
            
Current assets:
            
Cash and cash equivalents
   $ 85,423     $ 79,906  
Short-term investments
     8,212       8,208  
Accounts receivable, net of allowance for doubtful accounts of $342 and $373 at June 30, 2011 and December 31, 2010, respectively
     3,105       3,295  
Prepaid expenses and other current assets
     1,915       2,376  
Total current assets
     98,655       93,785  
Property and equipment, net
     8,163       6,710  
Capitalized software development costs, net
     13,110       10,803  
Restricted certificates of deposit
     1,035       801  
Intangible assets, net
     3,894       2,963  
Other assets
     1,260       1,400  
Goodwill
     41,766       34,118  
Total assets
   $ 167,883     $ 150,580  
                 
Liabilities and Stockholders’ Equity
                
Current Liabilities:
                
Accounts payable
   $ 28,714     $ 27,471  
Accrued expenses
     17,153       14,234  
Deferred payment obligations
     1,579       530  
Deferred revenue and other current liabilities
     28,169       24,656  
Total current liabilities
     75,615       66,891  
Deferred rent and deferred payment obligations
     2,724       1,673  
Total liabilities
     78,339       68,564  
Commitments and contingencies (Note 6)
                
Stockholders’ Equity:
                
Common stock, $0.00001 par value—140,000 shares authorized; 29,222 and 28,165 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively
     —       —  
Receivable from stockholder
     (87 )     (87 )
Additional paid-in capital
     109,943       98,140  
Accumulated deficit
     (20,440 )     (16,044 )
Accumulated other comprehensive income
     128       7  
Total stockholders’ equity
     89,544       82,016  
Total liabilities and stockholders’ equity
   $ 167,883     $ 150,580  
 
See notes to condensed consolidated financial statements.
 
 
3
 
 
REACHLOCAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
Revenue
   $ 92,752     $ 70,362     $ 176,810     $ 133,988  
Cost of revenue
     46,598       38,447       91,098       73,286  
Operating expenses:
                                
Selling and marketing
     34,716       26,341       67,135       50,281  
Product and technology
     4,005       2,522       7,544       4,866  
General and administrative
     8,572       5,618       15,649       11,003  
Total operating expenses
     47,293       34,481       90,328       66,150  
Loss from operations
     (1,139 )     (2,566 )     (4,616 )     (5,448 )
Other income, net
     221       265       417       255  
Loss before provision for income taxes
     (918 )     (2,301 )     (4,199 )     (5,193 )
Provision (benefit) for income taxes
     31       93       197       (545 )
Net loss
     (949 )     (2,394 )     (4,396 )     (4,648 )
Net loss per share, basic and diluted
   $ (0.03 )   $ (0.09 )   $ (0.15 )   $ (0.59 )
Weighted average common shares used in computation of net loss per share, basic and diluted
     29,043       25,621       28,752       7,939  
The following earnings per share information is presented as if all preferred shares were converted into common stock as of the beginning of the period presented
                                
Net loss per share, as if converted:
                                
Basic and diluted
   $ (0.03 )   $ (0.09 )   $ (0.15 )   $ (0.19 )
Weighted average common shares used in computation of net loss per share, as if converted:
                                
Basic and diluted
     29,043       25,621       28,752       24,651  
 
See notes to condensed consolidated financial statements.
 
 
4
 
REACHLOCAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
   
Six Months Ended June 30,
  
   
2011
    
2010
  
Cash flow from operating activities:
            
Net loss
   $ (4,396 )   $ (4,648 )
Adjustments to reconcile net loss to net cash provided by operating activities:
                
Depreciation and amortization
     5,305       2,681  
Stock-based compensation, net
     4,047       2,485  
Provision for doubtful accounts
     111       46  
Provision for deferred income taxes
     —       (702 )
Accrual of interest on deferred payment obligations
     15       (55 )
Changes in operating assets and liabilities:
                
Accounts receivable
     189       (573 )
Prepaid expenses and other current assets
     240       (492 )
Other assets
     153       (69 )
Accounts payable and accrued expenses
     3,662       5,985  
Deferred revenue and deferred payment obligations
     3,538       4,827  
Net cash provided by operating activities
     12,864       9,485  
Cash flow from investing activities:
                
Additions to property, equipment and software
     (6,812 )     (4,166 )
Purchase of DealOn, net of acquired  cash
     (5,793 )     —  
Purchase of SMB:LIVE, net of acquired cash
     —       (2,753 )
Payment of deferred obligations
     (165 )     (5,853 )
Purchase of restricted certificates of deposit
     (57 )     —  
Purchase of short-term investments
     (85 )     (24 )
Net cash used in investing activities
     (12,912 )     (12,796 )
Cash flow from financing activities:
                
Proceeds from exercise of stock options
     4,909       171  
Proceeds from initial public offering
     —       47,648  
Deferred offering costs
     —       (3,816 )
Net cash provided by financing activities
     4,909       44,003  
Effect of exchange rate changes on cash
     656       (292 )
Net change in cash and cash equivalents
     5,517       40,400  
Cash and cash equivalents—beginning of period
     79,906       35,379  
Cash and cash equivalents—end of period
   $ 85,423     $ 75,779  
Supplemental disclosure of other cash flow information:                 
Cash paid for interest
   $ —     $ 72  
Cash paid for income taxes
   $ 141     $ 15  
Supplemental disclosure of non-cash investing and financing activities:
                
Capitalized software development costs resulting from stock-based compensation and
deferred payment obligations
   $ 1,099     $ 1,023  
Accrued offering costs
   $ —     $ 690  
Deferred payment obligations
   $ 1,878     $ 223  
 
See notes to condensed consolidated financial statements.
 
 
5
 
REACHLOCAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2011 and December 31, 2010
 
1. Organization and Description of Business
 
ReachLocal, Inc. (the “Company”) was incorporated in the state of Delaware in August 2003. The Company’s operations are located in the United States, Canada, Australia, the United Kingdom, India, and Germany. The Company’s mission is to help small- and medium-sized businesses (SMBs) acquire, maintain and retain customers via the Internet. The Company offers a comprehensive suite of online marketing solutions, including search engine marketing (ReachSearch™), Web presence (ReachCast™), display advertising (ReachDisplay™) and remarketing, deal commerce (ReachDeals™) , online marketing analytics (TotalTrack®), and an out-of-the-box assisted chat service (TotalLiveChat™), each targeted to the SMB market. The Company delivers this suite of services to SMBs through a combination of its proprietary technology platform and its direct, “feet-on-the-street” sales force of Internet Marketing Consultants, or IMCs, and select third party agencies and resellers.  Bizzy™, a personalized local business recommendation engine, is a wholly owned subsidiary of the Company. The Company is headquartered in Woodland Hills, CA.
 
2. Summary of Significant Accounting Policies
 
Principles of Consolidation
 
The condensed consolidated financial statements include the accounts of ReachLocal, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
 
Basis of Presentation
 
The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The condensed consolidated balance sheet as of December 31, 2010, included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP.
 
The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the Company’s statement of financial position at June 30, 2011, the Company’s results of operations for the three and six months ended June 30, 2011 and 2010, and its cash flows for the six months ended June 30, 2011 and 2010. The results for the three and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011. All references to the three and six months ended June 30, 2011 and 2010 in the notes to the condensed consolidated financial statements are unaudited.
 
Use of Estimates
 
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements. Therefore, actual results could differ from those estimates.
 
Software Development Costs
 
The Company capitalizes costs to develop software when management has determined that the development efforts will result in new or additional functionality or new products. Costs capitalized as internal use software are amortized on a straight-line basis over the estimated three-year useful life. Costs incurred prior to meeting these criteria and costs associated with ongoing maintenance are expensed as incurred and are recorded along with amortization of capitalized software development costs as product and technology expenses within the accompanying condensed consolidated statements of operations.
 
 
6
 
 Goodwill
 
At June 30, 2011 and December 31, 2010, the Company had $41,766,000 and $34,118,000 of goodwill, respectively, attributable to business acquisitions completed from 2009 through 2011.
 
Management evaluates goodwill for impairment using a two-step process that is performed at least annually, or whenever events or circumstances indicate that goodwill may be impaired. The first step is a comparison of the estimated fair value of an internal reporting unit with its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not considered impaired and the second step is unnecessary. If the carrying value of the reporting unit exceeds its estimated fair value, the second step is performed to measure the amount of impairment by comparing the carrying amount of the goodwill to a determination of the implied value of the goodwill. If the carrying amount of goodwill is greater than the implied value, an impairment is recognized for the difference. Management performs an annual impairment test of goodwill as of the first day of each fiscal fourth quarter (October 1).
 
Revenue Recognition
 
The Company recognizes revenue for its services when all of the following criteria are satisfied:
 
 
•
persuasive evidence of an arrangement exists;
 
•
services have been performed;
 
•
the selling price is fixed or determinable; and
 
•
collectability is reasonably assured.
 
The Company recognizes revenue as the cost for the third-party media is incurred, which is upon delivery of the advertising on behalf of its clients. The Company recognizes revenue for its ReachSearch product as clicks are recorded on sponsored links on the various search engines and for its ReachDisplay product when the display advertisements record impressions or as otherwise provided in its agreement with the applicable publisher. The Company recognizes revenue for its ReachCast product on a straight-line basis over the applicable service period for each campaign. The Company recognizes revenue when it charges set-up, management service or other fees on a straight-line basis over the term of the related campaign contract or the completion of any obligation for services, if shorter. When the Company receives advance payments from clients, management records these amounts as deferred revenue until the revenue is recognized. When the Company extends credit, management records a receivable when the revenue is recognized.
 
When the Company sells through agencies, it either receives payment in advance of services or in some cases extends credit. The Company pays each agency an agreed-upon commission based on the revenue it earns or cash it receives. Some agency clients who have been extended credit may offset the amount otherwise due to the Company by any commissions they have earned. Management evaluates whether it is appropriate to record the gross amount of campaign revenue or the net amount earned after commissions. When the Company is primary obligor, is subject to the credit risk, and has discretion over both price and media, management recognizes the gross amount of such sales as revenue and any commissions are recognized as a selling and marketing expense.
 
The Company also has a small number of resellers. Resellers integrate the Company’s services, including ReachSearch, ReachDisplay, ReachCast, remarketing and TotalTrack, into their product offerings. In each case, the resellers integrate with the Company’s RL Platform through a custom application programming interface (API). Resellers are responsible for the price and specifications of the integrated product offered to their clients. Resellers pay the Company in arrears, net of commissions and other adjustments. Management recognizes revenue generated under reseller agreements net of the agreed-upon commissions and other adjustments earned or retained by the reseller, as management believes that the reseller retains sufficient control and bears sufficient risks to be considered the primary obligor in those arrangements.
 
The Company offers future incentives to clients in exchange for minimum annual commitments. In these circumstances, management estimates the amount of the future incentives that will be earned by clients and defers a portion of the otherwise recognizable revenue. Estimates are based upon a statistical analysis of previous campaigns for which such incentives were offered. Should a client not meet its minimum annual commitment and no longer qualify for the incentive, management recognizes the revenue previously deferred related to the estimated incentive.
 
During the first quarter of 2011, the Company began selling discounted deals to consumers on behalf of its SMB clients through the Company’s ReachDeals platform. The Company earns a commission for acting as an agent in these transactions, which are recorded on a net basis and are included in revenue upon completion of the sale of the deal to the consumer. The liability for redemption and potential income for breakage remain with the SMB client; therefore, the Company does not record redemption or breakage of the deals. The Company applies a sales allowance for potential consumer refunds.
 
 
7
 
 Stock-Based Compensation
 
The Company accounts for stock-based compensation based on fair value. The Company follows the attribution method, which reduces current stock-based compensation expenses recorded by the effect of anticipated forfeitures. Management estimates forfeitures based upon its historical experience, which has resulted in a small expected forfeiture rate.
 
The fair value of each award is estimated on the date of the grant and amortized over the requisite service period, which is the vesting period. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant. Determining the fair value of stock-based awards at the grant date under this model requires judgment, including estimating the value per share of common stock, volatility, expected term and risk-free interest rate. The assumptions used in calculating the fair value of stock-based awards represent management’s estimate based on judgment and subjective future expectations. These estimates involve inherent uncertainties. If any of the assumptions used in the Black-Scholes model significantly changes, stock-based compensation for future awards may differ materially from the awards granted previously.
 
Net Loss Per Share
 
Basic net loss per share available to common stockholders is computed by dividing the net loss available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted net loss per share available to common stockholders is computed by dividing the net loss for the period by the weighted average number of common and potential dilutive shares outstanding during the period, to the extent such shares are dilutive. Potential dilutive shares are composed of incremental common shares issuable upon the exercise of stock options, warrants and unvested restricted shares using the treasury stock method and convertible preferred stock under the if-converted method, where such conversions would be dilutive.
 
The following potentially dilutive securities calculated using the treasury stock method have been excluded from the calculation of diluted net loss per common share as they would be anti-dilutive because the Company had net losses for the periods below (in thousands):
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
Convertible preferred stock
     —       —       —       16,712  
Restricted stock subject to repurchase
     65       87       72       87  
SMB:LIVE acquisition—deferred stock consideration
     94       —       120       —  
Stock options and warrant
     2,087       1,552       2,421       1,534  
      2,246       1,639       2,613       18,333  
 
 
8
 
In additional, certain stock options have been excluded from the computation of diluted net loss per share because they had an anti-dilutive impact as the deemed proceeds under the treasury stock method were in excess of the average fair market value for the period.  For the three months ended June 30, 2011 and 2010, the number of such securities was 1,283,000 and 1,167,000, respectively, and for the six months ended June 30, 2011 and 2010, the number of such securities was 1,412,000 and 0, respectively.
 
    Recently Issued Accounting Standards
 
Accounting Standards Codification (ASC) Topic 220-10, Comprehensive Income - Presentation of Comprehensive Income, specifies an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under both options, an entity will be required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. Furthermore, regardless of the presentation methodology elected, the entity will be required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments also do not affect how earnings per share is calculated or presented. ASC Topic 220-10 is effective for us on January 1, 2012. Although adopting the guidance will not impact our accounting for comprehensive income, it will affect our presentation of components of comprehensive income by eliminating our practice of showing these items within our Consolidated Statements of Shareowners’ Equity.
 
ASC Topic 820-10, Fair Value Measurement - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standards), clarifies existing fair value measurement and disclosure requirements, amends certain fair value measurement principles and requires additional disclosures about fair value measurements.  Adoption of this provision, which is effective for us as of the beginning of 2012, is not expected to have a material impact on our consolidated financial statements.
 
3. Fair Value of Financial Instruments
 
The Company applies the fair value hierarchy for financial instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable, that are used to measure fair value:
 
 
•
Level 1—Quoted prices in active markets for identical assets or liabilities.
 
•
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table summarizes the basis used to measure certain of the Company’s financial assets that are carried at fair value (in thousands):
 
   
Balance at
June 30,
2011
    
Basis of Fair Value Measurement
  
   
Quoted Prices in
Active Markets
for Identical
Items
(Level 1)
    
Significant  Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Cash and cash equivalents
   $ 85,423     $ 85,423     $ —     $ —  
Certificates of deposit
   $ 9,247     $ 9,247     $ —     $ —  
               
           
Basis of Fair Value Measurement
  
   
Balance at
December 31,
2010
    
Quoted Prices in
Active Markets
for Identical
Items
(Level 1)
    
Significant  Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Cash and cash equivalents
   $ 79,906     $ 79,906     $ —     $ —  
Certificates of deposit
   $ 9,009     $ 9,009     $ —     $ —  
 
 
9
 
 
4. Acquisitions
 
Intangible Assets Acquired in Prior Periods
 
As of June 30, 2011, intangible assets from the acquisitions of ReachLocal Australia Pty Ltd. (“ReachLocal Australia”) and SMB:LIVE Corporation (“SMB:LIVE”) included customer relationships of $918,000 (net of accumulated of amortization of $1,382,000) and developed technology of $1,278,000 (net of accumulated amortization of $1,022,000). Intangible assets are amortized on a straight-line basis over the estimated useful life of three years. Based on the current amount of intangibles subject to amortization, the estimated amortization expense for the succeeding three years is as follows (in thousands):
 
Year Ended December 31,      
2011 (6 months)
   $ 767  
2012
     1,302  
2013
     127  
Total
   $ 2,196  
 
For the three months ended June 30, 2011 and 2010, amortization expense related to the ReachLocal Australia and SMB:LIVE intangibles was $383,000 and $384,000, respectively, and for the six months ended June 30, 2011 and 2010, was $767,000 and $640,000, respectively.
 
Acquisition of DealOn
 
On February 8, 2011, the Company entered into an agreement to acquire all of the outstanding member interests of DealOn, LLC (“DealOn”) for consideration of up to approximately $9,566,000 in cash and stock. DealOn is a deal commerce company that operates in the United States and provides the Company with a turnkey platform to strategically enter the deal commerce space.
 
On the closing date, the Company paid $5,793,000 in cash and issued 82,878 shares of its common stock, valued at $1,895,000 based on fair value of the Company’s stock on the acquisition date. The balance of the purchase price of $1,955,000 (the “DealOn Deferred Consideration”) is payable in cash of $1,468,000 and in 21,297 shares of the Company’s common stock, and is subject to adjustment under the terms of the acquisition agreement. The following table summarizes the DealOn Deferred Consideration milestone payments, subject to adjustment under the acquisition agreement (in thousands):
 
   
Deferred
Cash
Consideration
    
Deferred
Stock
Consideration
    
Total
  
February 2012
   $ 734     $ 243     $ 977  
August 2012
     367       122       489  
February 2013
     367       122       489  
Total Deferred Consideration
   $ 1,468     $ 487     $ 1,955  
 
 
10
 
For purposes of determining the Company’s acquisition consideration, management discounted the DealOn Deferred Consideration to its present value, or $1,878,000, and recorded this amount at the time of acquisition. The Company has accrued interest on the amount originally recorded, and as of June 30, 2011 has a total deferred payment obligation of $1,893,000, of which $964,000 is classified as a current liability.  The Company recorded the acquired assets and liabilities at their respective fair values. The following table summarizes the fair value of assets and liabilities acquired (in thousands):
 
       
Assets acquired:
      
Accounts receivable
   $ 41  
Property and equipment
     3  
Other current assets
     15  
Intangible assets
     2,080  
Goodwill
     7,648  
Total assets acquired
     9,787  
Liabilities assumed:
        
Accounts payable and accrued expenses
     221  
Total fair value of assets and liabilities acquired
   $ 9,566  
 
The intangible assets acquired consist of DealOn’s relationships, technology and trademarks, which are being amortized over one to three years, their respective estimated useful lives using the straight line method. At June 30, 2011, the remaining amortization of intangibles is as follows (in thousands):
 
       
Year Ended December 31,
      
2011 (6 months)
     488  
2012
     598  
2013
     553  
2014
     59  
Total
   $ 1,698  
 
As of June 30, 2011, intangible assets included customer relationships and developed technology of $1,698,000 (net of accumulated amortization of $382,000).  For the three and six months ended June 30, 2011, amortization expense related to the acquired intangibles was $243,000 and $382,000, respectively.
 
In connection with the DealOn acquisition, the Company incurred approximately $414,000 in costs that are reflected in general and administrative expense in the accompanying condensed consolidated financial statements for the six months ended June 30, 2011. The results of DealOn’s operations for the period post-acquisition were not significant for the six months ended June 30, 2011.
 
5. Software Development Costs
 
Capitalized software development costs consisted of the following (in thousands):
 
   
June 30,
2011
    
December 31,
2010
  
Capitalized software development costs
   $ 22,077     $ 17,125  
Accumulated amortization
     (8,967 )     (6,322 )
Capitalized software development costs, net
   $ 13,110     $ 10,803  
 
The Company recorded amortization expense of $1,421,000 and $492,000 for the three months ended June 30, 2011 and 2010, and $2,645,000 and $968,000 for the six months ended June 30, 2011 and 2010, respectively.  As of June 30, 2011, $1,915,000 of capitalized software development costs are related to projects still in process.
 
6. Commitments and Contingencies
 
Deferred Payment Obligations
 
On February 22, 2011, the Company made a deferred payment required under the SMB:LIVE acquisition agreement in the amount of $165,000 and issued 90,062 shares of its common stock. The payment reflected an adjustment for working capital as contemplated by the SMB:LIVE acquisition agreement. The remaining deferred payment obligations under the SMB:LIVE acquisition agreement are based on achieving certain milestones tied to employee retention objectives through 2012 and include $827,000 of deferred cash consideration and 274,630 shares of the Company’s common stock.
 
 
11
 
As part of the acquisition of DealOn, the Company is obligated to pay up to approximately $1,468,000 in cash and 21,297 shares of its common stock, subject to adjustment under the terms of the acquisition agreement (see Note 4).
 
Litigation
 
From time to time the Company is involved in legal proceedings arising in the ordinary course of its business. The Company believes that there is no litigation pending that is likely to have a material adverse effect on its results of operations and financial condition.
 
On March 1, 2010, a class action lawsuit was filed by two of the Company’s former employees in California Superior Court in Los Angeles, California. The complaint alleged wage and hour violations in a Fair Labor Standards Act collective action and a California class action. On May 6, 2011, the Court granted preliminary approval of a settlement of the class action for $800,000, which together with legal costs resulted in a charge of $832,000 recorded in fiscal 2010. On or about February 2, 2011, a second class action lawsuit was filed by former employees alleging substantially similar wage and hour violations. This lawsuit is not expected to disrupt the prior settlement or result in material additional costs.
 
 DealOn, which the Company acquired in February 2011, has been sued in two patent infringement matters and has also received a letter claiming that its technology infringes other third-party patents. One of the cases was dismissed without prejudice and the other case is at an early stage, and the Company has not yet determined the amount of liability, if any, that may result from the lawsuits. At this time, however, management does not believe that these matters will have a material adverse effect on the Company.
 
7. Stock-Based Compensation
 
Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and recognized on a straight-line basis over the requisite service period, which is generally the vesting period.
 
The following table summarizes vested and unvested options activity (number of shares in thousands):
 
                                     
   
All Options
    
Vested Options
    
Unvested Options
  
   
Shares
    
Weighted
Average
Exercise
Price
    
Shares
    
Weighted
Average
Exercise
Price
    
Shares
    
Weighted
Average
Exercise
Price
  
Outstanding at December 31, 2010
     6,235     $ 9.88       3,247     $ 7.58       2,988     $ 12.45  
                                                 
Granted
     1,237       22.52       1       20.98       1,236       22.52  
Vested
     —       —       754       11.64       (754 )     11.64  
Exercised
     (864 )     5.64       (864 )     5.64       —       —  
Forfeited
     (187 )     12.98       (4 )     10.03       (183 )     13.03  
                                                 
Outstanding at June 30, 2011
     6,421     $ 12.78       3,134     $ 9.10       3,287     $ 16.45  
 
The following table presents the weighted-average assumptions used to estimate the fair values of the stock options granted during the three and six months ended June 30, 2011 and 2010.
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
                         
Expected dividend yield
     0 %     0 %     0 %     0 %
Risk-free interest rate
     1.91 %     2.04 %     2.22 %     2.04 %
Expected life (in years)
     4.75       4.75       4.75       4.75  
Expected volatility
     54 %     57 %     57 %     57 %
 
 
12
 
The weighted average remaining contractual life of all options outstanding as of June 30, 2011 was 5.37 years. The remaining contractual life for options vested and exercisable at June 30, 2011 was 4.81 years. Furthermore, the aggregate intrinsic value of all options outstanding as of June 30, 2011 was $53,944,000, and the aggregate intrinsic value of options vested and exercisable at June 30, 2011 was $37,648,000, in each case based on the fair value of the Company’s common stock on June 30, 2011. The per share weighted average grant date fair value of unvested options as of June 30, 2011 was $7.54. The per share weighted average grant date fair value of options vested during the six months ended June 30, 2011 was $4.48. The per share weighted average grant date fair value of options forfeited during the six months ended June 30, 2011 was $5.28. The total fair value of options vested during the six months ended June 30, 2011was $3,378,000. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2011 was $13,488,000.
 
Restricted Stock
 
The following table summarizes restricted stock unit activity (in thousands):
   
Restricted
Stock
    
Vested
    
Unvested
  
Outstanding at December 31, 2010
     2,662       2,535       127  
Issuance of restricted stock units
     69       1       68  
Cancelled
     (4 )     —       (4 )
Vested
     —       19       (19 )
Outstanding at June 30, 2011
     2,727       2,555       172  
 
 Stock-Based Compensation Expense
 
The Company records stock-based compensation expense net of amounts capitalized as software development costs. The following table summarizes stock-based compensation (in thousands):
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
Stock-based compensation
   $ 2,676     $ 2,048     $ 5,004     $ 3,332  
Less: Capitalized stock-based compensation
     407       648       957       847  
Stock-based compensation expense, net
   $ 2,269     $ 1,400     $ 4,047     $ 2,485  
 
 
13
 
 
Stock-based compensation, net of capitalization, is included in the accompanying condensed consolidated statements of operations, in the following caption (in thousands):
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
Stock-based compensation expense, net
                        
Cost of revenue
   $ 65     $ 70     $ 116     $ 161  
Selling and marketing
     382       260       760       441  
Product and technology
     342       259       600       523  
General and administrative
     1,480       811       2,571       1,360  
    $ 2,269     $ 1,400     $ 4,047     $ 2,485  
 
As of June 30, 2011, there was $25,063,000 of unrecognized stock-based compensation related to restricted stock, outstanding stock options and SMB:LIVE, net of estimated forfeitures. This amount is expected to be recognized over a weighted average period of 1.6 years. Future stock-based compensation expense for these awards may differ in the event actual forfeitures deviate from management’s estimates.
 
8. Income Taxes
 
The Company follows ASC Topic 740-270, Income taxes—Interim Reporting, for the computation and presentation of its interim period tax provision. Accordingly, management estimates the effective annual tax rate and applies this rate to the year-to-date pre-tax book income or loss to determine the interim provision for income taxes. For the three and six months ended June 30, 2011, the income tax provision amounted to $31,000 and $197,000 and relates to federal, state, local and foreign income taxes. The income tax benefit for the six months ended June 30, 2010 was primarily attributable to the acquisition of SMB:LIVE, in which we recorded a one-time discrete deferred tax benefit of $702,000.
 
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. All of the Company’s income tax returns since inception are open to examination by federal, state, and foreign tax authorities. In August of 2010, the Internal Revenue Service initiated an examination of the Company’s U.S. consolidated 2008 income tax return that was finalized in March 2011 with no proposed adjustments.
 
 9. Segment Information
 
Revenue by geographic region with respect to the Direct Local channel and national brands is based on the physical location of the sales office, and with respect to agencies and resellers, is based on the physical location of the agency or reseller. The following summarizes revenue by geographic region (in thousands):

   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
Revenue:
                        
North America
   $ 72,082     $ 59,240     $ 138,934     $ 113,108  
International
     20,670       11,122       37,876       20,880  
    $ 92,752     $ 70,362     $ 176,810     $ 133,988  
                                 
                                 
                   
June 30,
2011
    
December 31,
2010
  
Long lived assets (excluding patents and other intangibles):
                                
North America
                   $ 7,588     $ 5,985  
International
                     2,648       801  
                    $ 10,236     $ 6,786  
 
 
14
 

Item 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
 
In this document, ReachLocal, Inc. and its subsidiaries are referred to as “we,” “our,” “us,” the “Company” or “ReachLocal.”
 
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our 2010 Annual Report on Form 10-K.
 
This quarterly report on Form 10-Q contains “forward-looking statements” that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled “Risk Factors” included in our 2010 Annual Report on Form 10-K. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
 
Overview
 
Our mission is to help small- and medium-sized businesses, or SMBs, acquire, maintain and retain customers via the Internet. We offer a comprehensive suite of online marketing and reporting solutions, including search engine marketing, Web presence and social media marketing, display advertising, remarketing, deal commerce and online marketing analytics, each targeted to the SMB market. We deliver these solutions to SMBs through a combination of our proprietary RL Platform and our direct, “feet-on-the-street” sales force of Internet Marketing Consultants, or IMCs, and select third-party agencies and resellers.
 
We use our RL Platform to create advertising campaigns for SMBs to target potential customers in their geographic area, optimize those campaigns in real time and track tangible results. Through a single Internet advertising budget, we enable our clients to reach local customers across the Internet, including through all of the major search engines and leading general interest and vertically focused online publishers. In 2010, we expanded the RL Platform to include ReachCast, our full-service Web presence and social media solution, and in 2011, we added ReachDeals, a deal-commerce platform, to our suite of products available to our SMB clients. Empowered by the RL Platform, our IMCs, which are based in or near the cities in which our clients operate, establish a direct consultative relationship with our clients and provide our solutions to achieve their marketing objectives.
 
We generate revenue by providing online advertising solutions for our clients through our portfolio of online marketing and reporting solutions. We sell our search engine marketing product, ReachSearch, our display advertising product, ReachDisplay, and our remarketing product based on a package pricing model in which our clients commit to a fixed fee that includes the media; the optimization, reporting and tracking technologies of the RL Platform; and the personnel dedicated to support and manage their campaigns. We also generate revenue from digital marketing solutions for our clients that do not include the purchase of third-party media, including our campaign performance tracking product, TotalTrack, our assisted chat product, TotalLiveChat, ReachCast and ReachDeals. Generally our products are sold to our clients in a single budget to simplify the purchasing process.
 
We offer our products and services through two primary channels. Our IMCs sell our products and services directly to SMBs, which we refer to as our Direct Local channel. We also sell our products and services through third-party agencies and resellers, and to national or regional businesses with multiple locations, such as franchisors, which we refer to as national brands. Because the sale to agencies, resellers and national brands involves negotiations with businesses that generally represent an aggregated group of SMB advertisers, we group them together as our National Brands, Agencies and Resellers channel.
 
 
15
 
 
Starting in late 2010, we extended our product vision to include consumer web sites with a local market focus. In November 2010, we launched the beta version of Bizzy, a personalized local business recommendation engine for consumers. By accessing Bizzy through its website or through applications available on the iPhone and Android mobile operating systems, consumers can submit their favorite local businesses and receive recommendations from people who have evidenced similar interests for places to eat, shop or be entertained.
 
Business Model and Operating Metrics
 
Our Direct Local channel represents the majority of our revenue. As a percentage of revenue, Direct Local revenue has increased to 77% for the six months ended June 30, 2011, from 74% during the six months ended June 30, 2010. Growth in Direct Local revenue is primarily driven by the growth in the number of IMCs and increases in IMC productivity.
 
Number of IMCs
 
Our ongoing investment in increasing the number of our IMCs has been the principal engine for our growth. Typically, each month we hire 40-60 IMCs, with the hiring weighted towards the first ten months of the year. We refer to IMCs with 12 months or less of experience as Underclassmen. In particular, our growth is driven by the increase in the number of Upperclassmen, who are significantly more productive than our Underclassmen. As such, we believe that our ability to grow our business is highly dependent on our ability to grow the number of our Upperclassmen. Beyond our hiring practices, which determine the number of IMCs to be hired as well as the rate at which we hire them, the increase in the number of Upperclassmen depends primarily on the productivity of Underclassmen, as the majority of Underclassmen attrition has been involuntary and is based on performance relative to a standard level of revenue growth and other performance metrics determined by us. We do not expect all Underclassmen to become Upperclassmen, and our investment decisions anticipate the cost of attrition.
 
As of June 30, 2011, we had 330 Upperclassmen and 439 Underclassman, for a total of 769 IMCs, as compared to 246 Upperclassmen and 395 Underclassman, for a total of 641 IMCs, as of June 30, 2010.
 
Underclassmen Expense
 
Underclassmen do not, in the aggregate, make a positive contribution to operating income. Our largest operating expenses include the hiring, training and retention of Underclassmen in support of our goal of developing more Upperclassmen.
 
Underclassmen Expense is a number we calculate to approximate our investment in Underclassmen and is comprised of the selling and marketing expenses we allocate to Underclassmen during a reporting period. The amount includes the direct salaries and allocated benefits of the Underclassmen (excluding commissions), training and sales organization expenses, including depreciation, allocated based on relative headcount and marketing expenses allocated based on relative revenue. While we believe that Underclassmen Expense provides useful information regarding our approximate investment in Underclassmen, the methodology we use to arrive at our estimated Underclassmen Expense was developed internally by management, is not a concept or method recognized by GAAP and other companies may use different methodologies to calculate or approximate measures similar to Underclassmen Expense. Accordingly, our calculation of Underclassmen Expense may not be comparable to similar measures used by other companies.
 
Underclassmen Expense was $21.1 million during the six months ended June 30, 2011, as compared to $16.5 million during the six months ended June 30, 2010. The increase in Underclassmen Expense was primarily attributable to increased hiring of Underclassmen as compared to the prior period, including hiring for our recent expansion into Germany.
 
Active Advertisers and Active Campaigns
 
We track the number of Active Advertisers and Active Campaigns to evaluate the growth, scale and diversification of our business. We also use these metrics to determine the needs and capacity of our sales forces, our support organization and other personnel and resources.
 
Active Advertisers is a number we calculate to approximate the number of clients directly served through our Direct Local channel as well as clients served through our National Brands, Agencies and Resellers channel. We calculate Active Advertisers by adjusting the number of Active Campaigns to combine clients with more than one Active Campaign as a single Active Advertiser. Clients with more than one location are generally reflected as multiple Active Advertisers. Because this number includes clients served through the National Brands, Agencies and Resellers channel, Active Advertisers includes entities with which we do not have a direct client relationship. Numbers are rounded to the nearest hundred.
 
 
16
 
Active Campaigns is a number we calculate to approximate the number of individual products or services we are managing under contract for Active Advertisers. For example, if we were performing both ReachSearch and ReachDisplay campaigns for a client, we consider that two Active Campaigns. Similarly, if a client purchased ReachSearch campaigns for two different products or purposes, we consider that two Active Campaigns. Numbers are rounded to the nearest hundred.
 
 As of June 30, 2011, we had approximately 18,700 Active Advertisers and 26,300 Active Campaigns, as compared to approximately 16,700 Active Advertisers and 21,400 Active Campaigns as of June 30, 2010. Active Advertisers and Active Campaigns increased over the period due to an increase in the number of IMCs and an increase in the number of products available for our IMCs to sell.
 
Recent Transactions
 
On February 8, 2011, we acquired all of the outstanding member interests of DealOn, for consideration of up to approximately $9.6 million in cash and stock. On the closing date, we paid $5.8 million in cash and issued 82,878 shares of our common stock. The balance of the purchase price, $1.5 million in cash and 21,297 in shares of our common stock, is payable, subject to adjustment under the terms of the acquisition agreement, in three installments, with 50% payable in February 2012, 25% payable in August 2012, and 25% payable in February 2013.
 
On April 25, 2011, we entered into a Google Inc. AdWords Reseller Addendum with Google Inc., and on May 9, 2011, ReachLocal Netherlands B.V. and Google Ireland Limited entered into a Google AdWords Reseller Agreement. Together, the agreements provide that we are an authorized reseller of Google’s AdWords product in the designated territories and provide us with performance bonuses if advertiser targets and certain share of retail requirements are met. The agreements have a three-year term, subject to broad mutual termination rights as are customary in Google reseller contracts.
 
Basis of Presentation
 
Sources of Revenue
 
We derive our revenue principally from the provision and sale of online advertising to our clients. Revenue includes the sale of our ReachSearch, ReachDisplay, remarketing and other products based on a package pricing model in which our clients commit to a fixed fee that includes the media, the optimization, reporting and tracking technologies of the RL Platform, and the personnel dedicated to support and manage their campaigns; the sale of our ReachCast, TotalTrack and TotalLiveChat products; and set-up, management and service fees associated with these products and other services. We distribute our products and services directly through our sales force of IMCs, who are focused on serving SMBs in their local markets through an in-person, consultative process, which we refer to as our Direct Local channel, as well as a separate sales force targeting our National Brands, Agencies and Resellers channel. The sales cycle for sales to SMBs ranges from one day to over a month. Sales to our National Brands, Agencies and Resellers clients generally require several months.
 
We typically enter into multi-month agreements for the delivery of our ReachSearch, ReachDisplay and ReachCast products. Under our agreements, our SMB clients typically pay, in advance, a fixed fee on a monthly basis, which includes all charges for the included technology and media services, management, third-party content and other costs and fees. We record these prepayments as deferred revenue and only record revenue for income statement purposes as we purchase media and perform other services on behalf of clients. Generally, when at least 85% of requisite purchases and other services have occurred and an additional campaign cycle remains under the agreement, we make an additional billing or automatic collection for the next campaign cycle.
 
Our National Brands, Agencies and Resellers clients enter into agreements of various lengths or that are indefinite. Our National Brands, Agencies and Resellers clients either pay in a manner similar to Direct Local clients or are extended credit privileges with payment generally due in 30 to 60 days. There was $3.1 million of related accounts receivable at June 30, 2011.
 
With the acquisition of DealOn, we now offer our SMB clients the ability to offer consumers discounted deals which we promote through our DealOn subscriber list, our publisher network and our deal exchange, all through the ReachDeals platform. We earn a commission for acting as an agent in these transactions which are recorded on a net basis and are included in revenue upon completion of the sale of the deal to the consumer. The liability for redemption and potential income for breakage remain with the SMB client; therefore, we do not record redemption or breakage of the deals. We record a sales allowance for potential consumer refunds.
 
 
17
 
Cost of Revenue
 
Cost of revenue consists primarily of costs of online media acquired from third-party publishers. From time to time, publishers offer the Company performance bonuses or rebates based upon various factors and operating rules, including the amount of media purchased. Cost of revenue also includes third-party telephone and information services costs, data center and third-party hosting costs, credit card processing fees, third-party content and other direct costs.
 
In addition, cost of revenue includes costs to initiate, operate and manage clients’ campaigns, other than costs associated with the Company’s sales force, which are reflected as selling and marketing expenses. Cost of revenue includes salaries, benefits, bonuses and stock-based compensation for the related staff, including the cost of Web Presence Professionals who are the principal service providers for the Company’s ReachCast product, and allocated overhead such as depreciation expense, rent and utilities, as well as an allocable portion of our technical operations costs.
 
Operating Expenses
 
Selling and Marketing. Selling and marketing expenses consist primarily of personnel and related expenses for our selling and marketing staff, including salaries and wages, commissions, benefits, bonuses and stock-based compensation; travel and business costs; training, recruitment, marketing and promotional events; advertising; other brand building and product marketing expenses; and occupancy, technology and other direct overhead costs. A portion of the compensation for IMCs, sales management and other employees in the sales organization is based on commissions.
 
Product and Technology. Product and technology expenses consist primarily of personnel and related expenses for our product development and technology staff, including salaries, benefits, bonuses and stock-based compensation, and the cost of certain third-party service providers and other expenses, including occupancy, technology and other direct overhead costs. Technology operations costs, including related personnel and third-party costs, are included in product and technology expenses.
 
We capitalize a portion of costs for software development and, accordingly, include amortization of those costs as product and technology expenses as the RL Platform addresses all aspects of our activities, including supporting the IMC selling and consultation process, online publisher integration, efficiencies and optimization, providing insight to our clients into the results and effects of their online advertising campaigns and supporting all of the financial and other back-office functions of our business.
 
General and Administrative. General and administrative expenses consist primarily of personnel and related expenses for executive, legal, finance, human resources and corporate communications, including wages, benefits, bonuses and stock-based compensation, professional fees, insurance premiums and other expenses, including occupancy, technology and other direct overhead, certain costs of being a public company and other corporate expenses.
 
Critical Accounting Policies and Estimates
 
The preparation of our condensed consolidated financial statements in conformity with GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses. We continually evaluate our estimates, judgments and assumptions based on available information and experience. Because the use of estimates is inherent in the financial reporting process, actual results could differ from those estimates.
 
There have been no material changes to our critical accounting policies. For further information on our critical and other significant accounting policies, see our 2010 Annual Report on Form 10-K.
 
We believe that the following critical accounting policies involve our more significant judgments, assumptions and estimates and, therefore, could have the greatest potential impact on our condensed consolidated financial statements:
 
 
•
Revenue recognition
 
•
Software development costs
 
•
Income taxes
 
•
Goodwill and intangible assets
 
•
Stock-based compensation
 
 
18
 
We granted stock options with the following exercise prices during the six months ended June 30, 2011:
 
                         
Grant Dates
  
Number of  Shares
Underlying
Options
    
Exercise Price
Per Share
    
Estimated Fair
Value  Per
Underlying
Share as of
Grant Date
    
Intrinsic Value
Per  Share at Date
of Grant
  
February 2011
     244,650     $ 20.98     $ 20.98     $ —  
February 2011
     700,000     $ 22.46     $ 20.98     $ —  
April 2011
     236,100     $ 25.51     $ 25.51     $ —  
June 2011
     56,045     $ 17.32     $ 17.32     $ —  
 
The following table summarizes the valuation assumptions, on a weighted-average basis, relating to our stock options granted during the six months ended June 30, 2011:
 
   
Expected dividend yield
0%
Risk free interest rate
2.22%
Expected life, in years
4.75%
Expected volatility
57%
 
Using the Black-Scholes option pricing model, we recorded non-cash stock-based compensation expenses related to employee stock option grants of approximately $3.6 million during the six months ended June 30, 2011, which includes $0.5 million of SMB:LIVE deferred stock compensation during such period. At June 30, 2011, we had unrecorded compensation costs of $22.4 million related to unvested stock options and deferred stock consideration. The unrecognized compensation expense is expected to be recognized over a weighted average period of 1.6 years.
 
During the six months ended June 30, 2011, we also issued 68,559 restricted stock units and recorded non-cash stock-based compensation expense of approximately $0.4 million related to restricted stock units. At June 30, 2011, we had $2.7 million of unrecognized compensation expense related to unvested restricted stock units. Changes in assumptions could impact the amount of restricted stock compensation expense. The unrecognized compensation expense is expected to be recognized over a weighted average period of 1.6 years.
 
Software Development Costs
 
We capitalize our costs to develop internal-use software when management has determined the development efforts will result in new or additional functionality or results in new products. Costs incurred prior to meeting these criteria and costs associated with ongoing maintenance are expensed as incurred. We track our costs by project and by each release and objectively determine which projects resulted in additional functionality or new products for which we can improve our offerings and market presence. Our developers, engineers and quality assurance staff currently estimate their time spent on various projects on a weekly basis so we may determine the approximate amount of costs that should be capitalized. Our senior management team reviews these estimates to determine the appropriate level of capitalization. We monitor our existing capitalized software and reduce its carrying value as the result of releases that render previous features or functions obsolete or otherwise reduce the value of previously capitalized costs. We capitalized $2.5 million and $2.3 million of software development costs during the three months ended June 30, 2011 and 2010, respectively.  We capitalized $4.9 million and $3.9 million of software development costs during the six months ended June 30, 2011 and 2010, respectively.
 
Costs capitalized as software development costs are amortized on a straight-line basis over the estimated useful life of the software of three years. Amortization of those costs is included in product and technology expenses as the RL Platform addresses all aspects of our activities, including supporting the IMC selling and consultation process, online publisher integration, efficiencies and optimization, providing insight to our clients into the results and effects of their online advertising campaigns and supporting all of the financial and other back office functions of our business.
 
Goodwill and Intangible Assets
 
At June 30, 2011, we had $41.8 million of goodwill, which resulted from the acquisition of the portion of ReachLocal Australia that we did not previously own and the acquisitions of SMB:LIVE and DealOn. In addition, in accounting for these acquisitions, we recorded other intangible assets related to pre-existing client relationships and purchased technology. We report finite-lived, acquisition-related intangible assets at fair value, net of accumulated amortization. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful lives of one to three years. Straight-line amortization is used because no other pattern over which the economic benefits will be consumed can be reliably determined.
 
 
19
 
We evaluate our goodwill for impairment using a two-step process that is performed at least annually, or whenever events or circumstances indicate that goodwill may be impaired. The first step is a comparison of the fair value of an internal reporting unit with its carrying amount, including goodwill. We have reporting units representing the various domestic and international markets in which we currently operate. If the fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not considered impaired and the second step is unnecessary. If the carrying value of the reporting unit exceeds its fair value, the second step is performed to measure the amount of impairment by comparing the carrying amount of the goodwill to a determination of the implied value of the goodwill. If the carrying amount of goodwill is greater than the implied value, an impairment is recognized for the difference.
 
We evaluate our intangible assets for impairment whenever events or circumstances indicate an impairment may exist. The impairment loss is the amount by which the carrying value of the asset exceeds its fair value. We estimate fair value utilizing the projected discounted cash flow method and a discount rate determined by our management to be commensurate with the risk inherent in our current business model. When calculating fair value, we make assumptions regarding estimated future cash flows, discount rates and other factors. No impairment of goodwill or intangible assets was recorded during the six months ended June 30, 2011.
 
 
20
 
 Results of Operations
 
Comparison of the Three and Six Months Ended June 30, 2011 and 2010
 
                         
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
(in thousands, except per share data)
  
2011
    
2010
    
2011
    
2010
  
                         
Revenue
   $ 92,752     $ 70,362     $ 176,810     $ 133,988  
Cost of revenue (1)
     46,598       38,447       91,098       73,286  
Operating expenses:
                                
Selling and marketing (1)
     34,716       26,341       67,135       50,281  
Product and technology (1)
     4,005       2,522       7,544       4,866  
General and administrative (1)
     8,572       5,618       15,649       11,003  
Total operating expenses
     47,293       34,481       90,328       66,150  
Loss from operations
     (1,139 )     (2,566 )     (4,616 )     (5,448 )
Other income (expense), net
     221       265       417       255  
Loss before provision for income taxes
     (918 )     (2,301 )     (4,199 )     (5,193 )
Provision (benefit) for income taxes
     31       93       197       (545 )
Net loss
     (949 )     (2,394 )     (4,396 )     (4,648 )
Net loss per share, basic and diluted
   $ (0.03 )   $ (0.09 )   $ (0.15 )   $ (0.59 )
Weighted average common shares used in computation of net loss per share, basic and diluted
     29,043       25,621       28,752       7,939  
The following earnings per share information is presented as if all preferred shares were converted into common stock as of the
beginning of the period presented
                                
Net loss per share, as if converted:
                                
Basic and diluted
   $ (0.03 )   $ (0.09 )   $ (0.15 )   $ (0.19 )
Weighted average common shares used in computation of net income (loss) per share, as if converted:
                                
Basic and diluted
     29,043       25,621       28,752       24,651  
 
(1)
Stock-based compensation, net of capitalization, and depreciation and amortization, included in the above line items (in thousands):
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
Stock-based compensation:
                        
Cost of revenue
   $ 65     $ 70     $ 116     $ 161  
Selling and marketing
     382       260       760       441  
Product and technology
     342       259       600       523  
General and administrative
     1,480       811       2,571       1,360  
    $ 2,269     $ 1,400     $ 4,047     $ 2,485  
                                 
                                 
Depreciation and amortization:
                                
Cost of revenue
   $ 201     $ 98     $ 357     $ 170  
Selling and marketing
     347       249       677       494  
Product and technology
     1,964       838       3,659       1,508  
General and administrative
     314       262       612       509  
    $ 2,826     $ 1,447     $ 5,305     $ 2,681  
 
 
21
 
Revenue
 
   
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2011
    
2010
    
2011-2010
% Change
    
2011
    
2010
    
2011-2010
% Change
  
(in thousands)
                                    
Direct Local
   $ 71,839     $ 52,323       37.3%     $ 136,354     $ 99,571       36.9%  
National Brands, Agencies and Resellers
     20,913       18,039       15.9       40,456       34,417       17.5  
Total revenue
   $ 92,752     $ 70,362       31.8%     $ 176,810     $ 133,988       32.0%  
                                                 
At period end:
                                                
Number of IMCs:
                                                
Upperclassmen
                             330       246       34.1%  
Underclassmen
                             439       395       11.1%  
Total
                             769       641       20.0%  
Active Advertisers (1)
                             18,700       16,700       12.0%  
Active Campaigns (2)
                             26,300       21,400       22.9%  
(1)
Active Advertisers is a number we calculate to approximate the number of clients directly served through our Direct Local channel as well as clients served through our National Brands, Agencies and Resellers channel. We calculate Active Advertisers by adjusting the number of Active Campaigns to combine clients with more than one Active Campaign as a single Active Advertiser. Clients with more than one location are generally reflected as multiple Active Advertisers. Because this number includes clients served through the National Brands, Agencies and Resellers channel, Active Advertisers includes entities with which we do not have a direct client relationship. Numbers are rounded to the nearest hundred.
(2)
Active Campaigns is a number we calculate to approximate the number of individual products or services we are managing under contract for Active Advertisers. For example, if we were performing both ReachSearch and ReachDisplay campaigns for a client, we consider that two Active Campaigns. Similarly, if a client purchased ReachSearch campaigns for two different products or purposes, we consider that two Active Campaigns. Numbers are rounded to the nearest hundred.
 
Direct Local revenue increased $19.5 million, or 37.3%, for the three months ended June 30, 2011 compared to the three months ended June 30, 2010, and $36.8 million, or 36.9%, for the six months ended June 30, 2011 compared to the six months ended June 30, 2010. The increase in our Direct Local Revenue was largely attributable to incremental revenue from new Upperclassmen, that is, IMCs who were Underclassmen at June 30, 2010 but became Upperclassmen by June 30, 2011, revenue generated by new Underclassmen, and increased productivity of our existing Upperclassmen, that is, IMCs who were already Upperclassmen at June 30, 2010.
 
 
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National Brands, Agencies and Resellers revenue increased $2.9 million, or 15.9%, for the three months ended June 30, 2011 compared to the three months ended June 30, 2010, and $6.0 million, or 17.5%, for the six months ended June 30, 2011 compared to the six months ended June 30, 2010.  The increase was primarily due to a $3.0 million and $5.6 million increase in revenue from our National Brands clients during the three months and six months ended June 30, 2011, respectively, which we attribute to our continued increased focus on the National Brands portion of this channel.  The increase in National Brands revenue during the three months ended June 30, 2011 was slightly offset by a decrease of $0.1 million in Agencies and Resellers during the period, while Agencies and Resellers contributed $0.4 million of increased revenues during the six month period ended June 30, 2011.
 
 Cost of Revenue
 
   
Three Months Ended June 30,
        
Six Months Ended June 30,
      
   
2011
      
2010
  
2011-2010
% Change
    
2011
    
2010
  
2011-2010
% Change
  
(in thousands)                                  
Cost of revenue
 $ 46,598     $ 38,447   21.2%   $ 91,098   $ 73,286   24.3%  
As a percentage of revenue:
   50.2 %     54.6 %       51.5 %   54.7 %    
 
The decrease in our cost of revenue as a percentage of revenue for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, was primarily due to changes in product and service mix, including increased sales of ReachCast and ReachDisplay, improved media buying efficiencies related to our core products introduced in late 2010, and increases in publisher and vendor rebates and performance bonuses. Publisher rebates as a percentage of revenue increased to 3.0% of revenue in the three months ended June 30, 2011 from 2.0% for the same period a year ago, and to 2.1% of revenue in the six months ended June 30, 2011 from 2.0% for the same period in 2010, due to more favorable rebate terms, primarily from Google.
 
Our cost of revenue as a percentage of revenue will be affected in the future by the mix and relative amount of media we purchase to fulfill service requirements, the availability and amount of publisher rebates, the mix of products and services we offer, our media buying efficiency and the increased costs of support and delivery.
 
Operating Expenses
 
Over the past several years, we have significantly increased the scope of our operations. We intend to continue to increase our sales force, product offerings and the infrastructure to support them. In growing our business, particularly in international markets, we are incurring expenses to support our long-term growth plans, acknowledging that these investments may put pressure on near-term periodic operating results and increase our operating expenses as a percentage of revenue.
 
Selling and Marketing
 
   
Three Months Ended
June 30,
    
2011-2010
% Change
    
Six Months Ended
June 30,
    
2011-2010
% Change
  
   
2011
    
2010
    
2011
    
2010
  
                                     
(in thousands)
                                    
Salaries, benefits and other costs 
   $ 24,449     $ 17,976       36.0%     $ 47,397     $ 34,506       37.4%  
Commission expense
     10,267       8,365       22.7       19,738       15,775       25.1  
Total selling and marketing
   $ 34,716     $ 26,341       31.8%     $ 67,135     $ 50,281       33.5%  
Underclassmen Expense included above, excluding commissions (1) 
   $ 10,728     $ 8,679       23.6%     $ 21,124     $ 16,485       28.1%  
                                                 
As a percentage of revenue:
                                                
Salaries, benefits and other costs
     26.4 %     25.5 %             26.8 %     25.8 %        
Commission expense
     11.1 %     11.9 %             11.2 %     11.8 %        
Total selling and marketing
     37.4 %     37.4 %             38.0 %     37.5 %        
(1)
See “Non-GAAP Financial Measures” for our definition of Underclassmen Expense.
 
 
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The increase in absolute dollars of salaries, benefits and other costs in selling and marketing expenses for the three months ended June 30, 2011 compared to the three months ended June 30, 2010, was due primarily to costs associated with the expansion, both domestically and internationally, of our sales force of IMCs and the related recruiting, training, and facilities costs. As a percentage of revenue, salaries, benefits and other costs increased primarily due to costs associated with the inclusion of DealOn and the expansion of its operations, and the launch of our German sales operations in 2011.
 
 The increase in absolute dollars of salaries, benefits and other costs in selling and marketing expenses for the six months ended June 30, 2011 compared to the six months ended June 30, 2010, was due to costs associated with the expansion, both domestically and internationally, of our sales force of IMCs and the related recruiting, training, and facilities costs. As a percentage of revenue, salaries, benefits and other costs increased primarily due to costs associated with the launch of our German sales operations in 2011 and the inclusion of DealOn and the expansion of its operations.
 
The increase in commission expense in absolute dollars for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, was due to increased sales. As a percentage of revenue, commission expense decreased due to a higher percentage of Direct Local revenue, for which we pay lower commission rates. We do not expect continued decreases in commission expense as a percentage of revenue due to an expected higher percentage of Upperclassmen, who generally earn higher commission rates based on increased productivity.
 
The increase in Underclassmen Expense for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, was primarily due to increased IMC hiring, including in Germany. As we continue to invest in additional Underclassmen and retain additional Upperclassmen, selling and marketing expenses will continue to increase in absolute dollars.
 
Product and Technology
 
   
Three Months Ended
June 30,
    
2011-2010
    
Six Months Ended
June 30,
    
2011-2010
  
   
2011
    
2010
    
% Change
    
2011
    
2010
    
% Change
  
(in thousands)
                                    
Product and technology expenses
   $ 4,005     $ 2,522       58.8 %     $ 7,544     $ 4,866       55.0 %  
Capitalized software development costs from product and technology resources
     2,492       2,315       7.6 %       4,879       3,874       25.9 %  
Total product and technology expenses and capitalized costs 
   $ 6,497     $ 4,837       34.3 %     $ 12,423     $ 8,740       42.1 %  
                                                     
As a percentage of revenue:
                                                    
Product and technology costs costs
     4.3 %     3.6 %               4.3 %     3.6 %          
Capitalized software development costs from product and technology resources
     2.7 %     3.3 %               2.8 %     2.9 %          
Total product and technology costs expensed and capitalized 
     7.0 %     6.9 %               7.0 %     6.5 %          
 
The increase in product and technology expenses in both absolute dollars and as a percentage of revenue for the three months ended June 30, 2011 compared to the three months ended June 30, 2010, was primarily attributable to $0.9 million of increased amortization expense related to previously capitalized software development costs and $0.6 million of incremental salary, amortization of acquired intangibles and other costs associated with DealOn, for which no corresponding amounts existed during the prior-year period, ReachCast, and ongoing development of the RL Platform. The increase in product and technology expenses in both absolute dollars and as a percentage of revenue for the six months ended June 30, 2011 compared to the six months ended June 30, 2010, was primarily attributable to $1.7 million of increased amortization expense related to previously capitalized software development costs and $1.0 million of incremental salary, amortization of acquired intangibles and other costs associated with DealOn, for which no corresponding amounts existed during the prior year period, ReachCast, and ongoing development of the RL Platform.
 
 
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The increase in the amount of capitalized software development costs in absolute dollars for the three months ended June 30, 2011 compared to the three months ended June 30, 2010 was a result of investment in the continuing development of the ReachLocal Platform, Bizzy, and DealOn, offset by reduced capitalization of ReachCast software development costs following its launch in the fourth quarter of 2010.  The increase in the amount of capitalized software development costs in absolute dollars for the six months ended June 30, 2011 compared to the six months ended June 30, 2010 was a result of investment in the development of ReachCast, which commenced in the first quarter of 2010 with the acquisition of SMB:LIVE, the ReachLocal Platform, Bizzy, and DealOn. The decrease in the amount of capitalized software development costs as a percentage of revenue for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, was due to capitalized software development costs growing at a slower rate than revenue as we released significant projects such as ReachCast.
 
We expect the amount of product and technology costs expensed and capitalized to continue to increase in absolute dollars due to the continued expansion of our product development efforts, including the ongoing development and roll-out of the technology acquired in our acquisitions and the increased costs associated with supporting a broader product offering. The amount of such costs capitalized will vary from period to period depending upon the status of our product development efforts.
 
General and Administrative
   
Three Months Ended
June 30,
    
2011-2010
% Change
    
Six Months Ended
June 30,
    
2011-2010
% Change
  
   
2011
    
2010
    
2011
    
2010
  
(in thousands)
                                    
General and administrative
   $ 8,572     $ 5,618       52.6%     $ 15,649     $ 11,003       42.2%  
As a percentage of revenue:
     9.2 %     8.0 %             8.9 %     8.2 %        
                                                 
 
The increase in general and administrative expenses in absolute dollars and as a percentage of revenue for the three months ended June 30, 2011 compared to the three months ended June 30, 2010, was primarily due, to $0.9 million of tax, consulting, and legal professional fees, including costs to support our international expansion and to comply with the Sarbanes-Oxley Act of 2002,  $0.7 million of employee-related costs to support the growth of the business and the requirements associated with being a public company for the entire quarter, $0.7 million of stock-based compensation expense, and $0.4 million of facilities and business license and tax costs supporting the growth of the business.
 
The increase in general and administrative expenses in absolute dollars and as a percentage of revenue for the six months ended June 30, 2011 compared to the six months ended June 30, 2010, was primarily due to $1.5 million of tax, consulting and legal professional fees, including costs to support international expansion, comply with the Sarbanes-Oxley Act of 2002, and support acquisition activity, $1.2 million of stock-based compensation expense, $0.8 million of employee-related costs to support the growth of the business and the requirements associated with being a public company, and $0.5 million of facilities and business license and tax costs supporting the growth of the business.
 
We expect general and administrative expenses to increase in absolute dollars as we continue to add administrative personnel and incur additional professional fees and other expenses resulting from continued growth and the compliance requirements associated with being a public company.
 
Other Income (Expense), Net
 
Other income increased in absolute dollars by approximately $0.2 million for the six months ended June 30, 2011 compared to the six months ended June 30, 2010. The change was attributable to an increase in interest income during the current period resulting from higher invested balances.
 
 
25
 
Provision (Benefit) for Income Taxes
 
The income tax provision of $0.2 million for the six months ended June 30, 2011 relates to federal, state, local and foreign income taxes. The income tax benefit of $0.5 million for the six months ended June 30, 2010 was primarily attributable to the acquisition of SMB:LIVE, in which we recorded a one-time discrete deferred tax benefit of $0.7 million, partially offset by state income taxes of $0.2 million.
 
Non-GAAP Financial Measures
 
In addition to our GAAP results discussed above, we believe Adjusted EBITDA and Underclassmen Expense are useful to investors in evaluating our operating performance. For the three and six months ended June 30, 2011 and 2010 our Adjusted EBITDA and Underclassmen Expense were as follows:
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
(in thousands)
                        
Adjusted EBITDA (1)
   $ 4,062     $ 455     $ 5,256     $ 227  
Underclassmen Expense (2)
   $ 10,728     $ 8,679     $ 21,124     $ 16,485  
 
(1)
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, the effects of accounting for business combinations (including in the case of the acquisitions of SMB:LIVE and DealOn, the amortization of acquired intangibles and the deferred cash consideration) and amounts included in other non-operating income or expense.
(2)
Underclassmen Expense. We define Underclassmen Expense as our investment in Underclassmen, which is comprised of the selling and marketing expenses we allocate to Underclassmen during a reporting period. The amount includes the direct salaries and allocated benefits of the Underclassmen (excluding commissions), training and sales organization expenses including depreciation allocated based on relative headcount and marketing expenses allocated based on relative revenue. While we believe that Underclassmen Expense provides useful information regarding our approximated investment in Underclassmen, the methodology we use to arrive at our estimated Underclassmen Expense was developed internally by the company, is not a concept or method recognized by GAAP and other companies may use different methodologies to calculate or approximate measures similar to Underclassmen Expense. Accordingly, our calculation of Underclassmen Expense may not be comparable to similar measures used by other companies.
 
Our management uses Adjusted EBITDA because (i) it is a key basis upon which our management assesses our operating performance; (ii) it may be a factor in the evaluation of the performance of our management in determining compensation; (iii) we use it, in conjunction with GAAP measures such as revenue and income (loss) from operations, for operational decision-making purposes; and (iv) we believe it is one of the primary metrics investors use in evaluating Internet marketing companies.
 
Our management believes that Adjusted EBITDA permits an assessment of our operating performance, in addition to our performance based on our GAAP results, that is useful in assessing the progress of the business. By excluding (i) the effects of accounting for business combinations and associated acquisition and integration costs, which obscure the measurable performance of the business operations; (ii) depreciation and amortization and other non-operating income and expense, each of which may vary from period to period without any correlation to underlying operating performance; and (iii) stock-based compensation, which is a non-cash expense, we believe that we are able to gain a fuller view of the operating performance of the business. We provide information relating to our Adjusted EBITDA so that investors have the same data that we employ in assessing our overall operations. We believe that trends in our Adjusted EBITDA are a valuable indicator of operating performance on a consolidated basis and of our ability to produce operating cash flow to fund working capital needs, capital expenditures and investments in Underclassmen.
 
 
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In addition, we believe Adjusted EBITDA and similar measures are widely used by investors, securities analysts, ratings agencies and other interested parties in our industry as a measure of financial performance and debt-service capabilities. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
 
 
•
Adjusted EBITDA does not reflect our cash expenditures for capital equipment or other contractual commitments;
 
 
•
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect capital expenditure requirements for such replacements;
 
 
•
Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
 
 
•
Adjusted EBITDA does not consider the potentially dilutive impact of issuing equity-based compensation to our management team and employees;
 
 
•
Adjusted EBITDA does not reflect the potentially significant interest expense or the cash requirements necessary to service interest or principal payments on indebtedness we may incur in the future;
 
 
•
Adjusted EBITDA does not reflect income and expense items that relate to our financing and investing activities, any of which could significantly affect our results of operations or be a significant use of cash;
 
 
•
Adjusted EBITDA does not reflect certain tax payments that may represent a reduction in cash available to us; and
 
 
•
Other companies, including companies in our industry, calculate Adjusted EBITDA measures differently, which reduces their usefulness as a comparative measure.
 
Adjusted EBITDA is not intended to replace operating income (loss), net income (loss) and other measures of financial performance reported in accordance with GAAP. Rather, Adjusted EBITDA is a measure of operating performance that you may consider in addition to those measures. Because of these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results, including cash flows provided by operating activities, and using total Adjusted EBITDA as a supplemental financial measure.
 
The following table presents a reconciliation of Adjusted EBITDA to our loss from operations for each of the periods indicated:
 
   
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
   
2011
    
2010
    
2011
    
2010
  
(in thousands)
                        
Loss from operations
   $ (1,139 )   $ (2,566 )   $ (4,616 )   $ (5,448 )
Add:
                                
Depreciation and amortization
     2,826       1,447       5,305       2,681  
Stock-based compensation, net
     2,269       1,400       4,047       2,485  
Acquisition and integration costs
     106       174       520       509  
Adjusted EBITDA
   $ 4,062     $ 455     $ 5,256     $ 227  
 
 
27
 
 Liquidity and Capital Resources
 
   
Six Months Ended June 30,
  
Consolidated Statements of Cash Flow Data:
(in thousands)
  
2011
    
2010
  
Net cash provided by operating activities
   $ 12,864     $ 9,485  
Net cash used in investing activities
     (12,912 )     (12,796 )
Net cash provided by financing activities
     4,909       44,003  
Capital Expenditures (1)
     6,941       4,549  
(1)
Represents purchases of property and equipment and the amount of software development costs capitalized, on an aggregate basis.
 
At June 30, 2011, we had cash and cash equivalents of $85.4 million and short-term investments of $8.2 million. Cash and cash equivalents consist of cash, money market accounts and certificates of deposit. Short term investments consist of certificates of deposit with original maturities in excess of three months. To date, we have experienced no loss of our invested cash, cash equivalents or short-term investments. We cannot, however, provide any assurances that access to our invested cash, cash equivalents and short-term investments will not be impacted by adverse conditions in the financial markets.
 
At June 30, 2011, we had no long-term indebtedness for borrowed money and are not subject to any restrictive bank covenants. At June 30, 2011, we had $1.0 million in restricted certificates of deposit to secure letters of credit issued to landlords and as security for certain other operating activities.
 
Although we expect that cash flow from operations, existing cash balances and proceeds from our initial public offering will be sufficient to continue funding our expansion activities, these investments, including investments in developing new products and services for our clients, could require us to seek additional equity or debt financing, and that financing may not be available on terms favorable to us or at all. In addition, we intend to continue to increase our investment in Underclassmen and in the development of new products and services for our clients, which could require significant capital and entail non-capitalized expenses that could diminish our income from operations.
 
Operating Activities
 
Our cash flow from operating activities during the six months ended June 30, 2011 resulted primarily from changes in our operating assets and liabilities and non-cash operating expenses. Our net loss of $4.4 million was offset by increases in accounts payable and accrued expenses of $3.7 million and increases in deferred revenue and deferred payment obligations of $3.5 million, both due to the growth of our business.  Cash flow from operating activities also resulted from non-cash depreciation and amortization of $5.3 million, and non-cash stock-based compensation of $4.0 million.
 
Our cash flow from operating activities during the six months ended June 30, 2010 resulted primarily from changes in our operating assets and liabilities and non-cash operating expenses. Our net loss of $4.6 million was offset by increases in accounts payable and accrued expenses of $6.0 million and increases in deferred revenue and deferred payment obligations of $4.8 million, both due to the growth in our business.  Cash flow from operating activities also resulted from non-cash depreciation and amortization of $2.7 million, and non-cash stock-based compensation of $2.5 million.
 
Investing Activities
 
Our primary investing activities have consisted of purchases of property and equipment, capitalized software development costs, short-term investments, and business acquisitions. Our purchases of property and equipment and capitalized software costs may vary from period to period due to the timing of the expansion of our operations and our software development efforts. During the six months ended June 30, 2011, we invested $5.8 million, net of cash acquired, in the purchase of DealOn. The terms of the purchase agreement require us to make additional payments in 2012 and 2013 of up to $2.0 million. During the six months ended June 30, 2010, we acquired SMB:LIVE and invested $2.8 million, net of cash acquired. We expect to continue to use capital for acquisitions, purchases of property and equipment and development of software.
 
Financing Activities
 
During the six months ended June 30, 2011, we received $4.9 million in proceeds from exercise of stock options. In May 2010, we received $42.1 million in proceeds, after deducting underwriting discounts and commissions and estimated offering costs payable by us, from the sale of shares of common stock in connection with our initial public offering.
 
 Off-Balance Sheet Arrangements
 
At June 30, 2011, we did not have any off-balance sheet arrangements.
 
Recently Issued Accounting Standards
 
For information about recently issued accounting standards, refer to Note 2 to our Condensed Consolidated Financial Statements.
 
Item 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
We are exposed to market risk in the ordinary course of our business. These risks primarily include interest rate, foreign exchange and inflation risks.
 
 
28
 
Interest Rate Fluctuation Risk
 
We do not have any long-term indebtedness for borrowed money. Our investments include cash, cash equivalents and short-term investments. Cash and cash equivalents and short-term investments consist of cash, money market accounts and certificates of deposit. The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk. We do not enter into investments for trading or speculative purposes. Our investments are exposed to market risk due to a fluctuation in interest rates, which may affect our interest income and the fair market value of our investments. Due to the short-term nature of our investment portfolio, we do not believe an immediate 10% increase in interest rates would have a material effect on the fair market value of our portfolio, and therefore we do not expect our operating results or cash flows to be materially affected to any degree by a sudden change in market interest rates.
 
Foreign Currency Exchange Risk
 
We have foreign currency risks related to our revenue and operating expenses denominated in currencies other than the U.S. dollar, principally the Australian dollar, the British pound sterling, the Canadian dollar, the Indian Rupee, and the Euro. An unfavorable change in these exchange rates relative to the dollar would result in an unfavorable impact on revenue and operating income. For the three months ended June 30, 2011, an unfavorable 10 percent change in exchange rates would result in a decrease in revenue of $2.3 million and a increase in our operating loss for the period of less than $0.2 million. We currently do not hedge or otherwise manage our currency exposure given the immaturity and lesser predictability of our international operations. As our international operations grow and mature, our risks associated with fluctuations in currency rates will become greater, and we will continue to reassess our approach to managing this risk. In addition, currency fluctuations or a weakening U.S. dollar can increase the costs of our international expansion.
 
Inflation Risk
 
We do not believe that inflation has had a material effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.
 
Item 4.
CONTROLS AND PROCEDURES
 
Disclosure Controls and Procedures
 
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of June 30, 2011. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (2) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.
 
 Changes in Internal Control Over Financial Reporting
 
There were no changes in our internal control over financial reporting during the quarter ended June 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
 
29
 
 
PART II
 
OTHER INFORMATION
 
Item 1.
LEGAL PROCEEDINGS
 
From time to time we are involved in legal proceedings arising in the ordinary course of our business. We believe that there is no litigation pending that is likely to have a material adverse effect on our results of operations and financial condition.
 
On March 1, 2010, a class action lawsuit was filed by two of our former employees in California Superior Court in Los Angeles, California. The complaint alleged wage and hour violations in a Fair Labor Standards Act collective action and a California class action. On May 6, 2011, the Court granted preliminary approval of a settlement of the class action for $800,000, which together with legal costs resulted in a charge of $832,000 recorded in fiscal 2010. On or about February 2, 2011, a second class action lawsuit was filed by former employees alleging substantially similar wage and hour violations. This lawsuit is not expected to disrupt the prior settlement or result in material additional costs.
 
DealOn, a company we acquired in February 2011, has been sued in two patent infringement matters and has also received a letter claiming that its technology infringes other third-party patents. One of the cases was dismissed without prejudice and the other case is at an early stage, and we have not yet determined the amount of liability, if any, that may result from the lawsuits. At this time, however, management does not believe that these matters will have a material adverse effect on us.
 
Item 1A.
RISK FACTORS
 
Investors should carefully consider the risk factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2010, in addition to the other information contained in our Annual Report and in this quarterly report on Form 10-Q.
 
Item 6.
EXHIBITS
 
Exhibit No
Description of Exhibit
   
10.1*
Form of Non-Employee Director Stock Option Agreement
   
10.2*
Form of Australian Restricted Stock Unit Award Agreement
   
10.3*
Form of Canadian Restricted Stock Unit Award Agreement
   
31.1*
Certifications of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
31.2*
Certifications of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
32.1†
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
32.2†
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
101.INS† XBRL Instance Document
   
101.SCH† XBRL Taxonomy Extension Schema Document
   
101.CAL†
 XBRL Taxonomy Extension Calculation Linkbase Document
   
101.DEF†
 XBRL Taxonomy Extension Definition Linkbase Document
   
101.LAB†
 XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE† XBRL Taxonomy Extension Presentation Linkbase Document
 
*
Filed herewith.
†
Furnished herewith.
 
 
30
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
REACHLOCAL, INC.
  
       
 
By:
/s/ Zorik Gordon  
 
Name:
Zorik Gordon
  
 
Title:
President and Chief Executive Officer
  
       
       
 
By:
/s/ Ross G. Landsbaum
  
 
Name:
Ross G. Landsbaum
  
 
Title:
Chief Financial Officer
  
       
Date: August 3, 2011
 
EXHIBIT INDEX
 
Exhibit No
Description of Exhibit
   
10.1*
Form of Non-Employee Director Stock Option Agreement
   
10.2*
Form of Australian Restricted Stock Unit Award Agreement
   
10.3*
Form of Canadian Restricted Stock Unit Award Agreement
   
31.1*
Certifications of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
31.2*
Certifications of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
32.1†
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
32.2†
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
101.INS† XBRL Instance Document
   
101.SCH† XBRL Taxonomy Extension Schema Document
   
101.CAL†
 XBRL Taxonomy Extension Calculation Linkbase Document
   
101.DEF†
 XBRL Taxonomy Extension Definition Linkbase Document
   
101.LAB†
 XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE† XBRL Taxonomy Extension Presentation Linkbase Document
 
 
*
Filed herewith.
†
Furnished herewith.
 
 
31
 EX-10.1 2 ex10-1.htm EXHIBIT 10.1 Unassociated Document
Exhibit 10.1
NON-EMPLOYEE DIRECTOR FORM
 
REACHLOCAL, INC.
AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN
 
STOCK OPTION GRANT NOTICE AND
 
STOCK OPTION AGREEMENT
 
ReachLocal, Inc., a Delaware corporation (the “Company”), pursuant to its Amended and Restated 2008 Stock Incentive Plan (the “Plan”), hereby grants to the individual listed below (the “Optionee”), an option to purchase the number of shares of the common stock of the Company (“Common Stock”), set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein and in the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”) and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Stock Option Agreement.
 
Optionee:
  
Grant Date:
  
Vesting Commencement Date:
  
Exercise Price per Share:
$                                                                           
Total Exercise Price:
$                                                                           
Total Number of Shares Subject to the Option:
 shares
Expiration Date:
  

Type of Option:                                 ¨   Incentive Stock Option      ¨   Non-Qualified Stock Option

Vesting Schedule:

 
 
By his or her signature, the Optionee agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement and this Grant Notice.  The Optionee has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Stock Option Agreement and the Plan.  The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or relating to the Option.
 
REACHLOCAL, INC.
  
OPTIONEE
     
By:
 
  
By:
  
Print Name:
    
Print Name:
  
Title:
        
Address:
    
Address:
  
         
 
 
 
 
EXHIBIT A
 
TO STOCK OPTION GRANT NOTICE
 
STOCK OPTION AGREEMENT
 
Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this “Agreement”) is attached, ReachLocal, Inc., a Delaware corporation (the “Company”), has granted to the Optionee an option under the Company’s Amended and Restated 2008 Stock Incentive Plan (the “Plan”) to purchase the number of shares of Common Stock indicated in the Grant Notice.
 
ARTICLE I.
 
GENERAL
 
1.1           Defined Terms.  Wherever the following terms are used in this Agreement they shall have the meanings specified below, unless the context clearly indicates otherwise.  Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice.
 
(a)            “Service” shall mean the Optionee’s service with the Company as an officer, Employee, Consultant or Director.  For purposes of this Agreement, the Optionee shall be deemed to remain in continuous Service with the Company (and shall not be deemed to have incurred a Termination of Service (as defined below)) so long as he remains either an Employee, Consultant or Director.
 
(b)           “Termination of Service” shall mean a termination of the Optionee’s Service for any reason, with or without cause, including, without limitation, a termination by resignation, failure to be elected as a Director, death, disability or retirement.  The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of Service with respect to Non-Employee Directors.
 
1.2           Incorporation of Terms of Plan.  The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
 
ARTICLE II.
 
GRANT OF OPTION
 
2.1           Grant of Option.  In consideration of the Optionee’s past and/or continued service to the Company or a Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company irrevocably grants to the Optionee the Option to purchase any part or all of an aggregate of the number of shares of Common Stock set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement.
 
2.2           Exercise Price.  The exercise price of the shares of Common Stock subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however, that the price per share of the shares of Common Stock subject to the Option shall not be less than 100% of the Fair Market Value of a share of Common Stock on the Grant Date.
 
2.3           Consideration to the Company.  In consideration of the grant of the Option by the Company, the Optionee agrees to render faithful and efficient services to the Company or any Subsidiary.  Nothing in the Plan or this Agreement shall confer upon the Optionee any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Optionee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and the Optionee.
 
 
A-1
 
ARTICLE III.
 
PERIOD OF EXERCISABILITY
 
3.1           Commencement of Exercisability.
 
(a)           Subject to Sections 3.2, 3.3, 5.9 and 5.12, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.
 
(b)           In addition, subject to Sections 3.2, 3.3, 5.9 and 5.12, in the event that a Change in Control occurs and the Optionee remains in continuous Service until at least immediately prior to such Change in Control, the Option shall, immediately prior to the effective time of such Change in Control, automatically become fully vested and exercisable with respect to one hundred percent (100%) of the shares of Common Stock subject thereto.
 
(c)           No portion of the Option which has not become vested and exercisable at the date of the Optionee’s Termination of Service shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Optionee.
 
3.2           Duration of Exercisability.  The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative.  Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3.
 
3.3           Expiration of Option.  The Option may not be exercised to any extent by anyone after the first to occur of the following events:
 
(a)           The expiration of ten years from the Grant Date;
 
(b)           The expiration of three months from the date of the Optionee’s Termination of Service, unless such termination occurs by reason of the Optionee’s death or Disability; or
 
(c)           The expiration of one year from the date of the Optionee’s Termination of Service by reason of the Optionee’s death or Disability.
 
ARTICLE IV.
 
EXERCISE OF OPTION
 
4.1           Person Eligible to Exercise.  Except as provided in Sections 5.2(b) and 5.2(c), during the lifetime of the Optionee, only the Optionee may exercise the Option or any portion thereof.  After the death of the Optionee, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3, be exercised by the Optionee’s personal representative or by any person empowered to do so under the deceased the Optionee’s will or under the then applicable laws of descent and distribution.
 
 
A-2
 
4.2           Partial Exercise.  Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3.
 
4.3           Manner of Exercise.  The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third party administrator or other person or entity designated by the Company) of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3:
 
(a)           An exercise notice in a form specified by the Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator;
 
(b)           The receipt by the Company of full payment for the shares of Common Stock with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4;
 
(c)           Any other written representations or documents as may be required in the Administrator’s reasonable discretion to evidence compliance with the Securities Act or any other applicable law rule, or regulation; and
 
(d)           In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than the Optionee, appropriate proof of the right of such person or persons to exercise the Option.
 
Notwithstanding any of the foregoing, the Company shall have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time.
 
4.4           Method of Payment.  Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the Optionee:
 
(a)           Cash;
 
(b)           Check;
 
(c)           With the consent of the Administrator, delivery of a notice that the Optionee has placed a market sell order with a broker with respect to shares of Common Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate exercise price; provided, that payment of such proceeds is then made to the Company upon settlement of such sale;
 
(d)           With the consent of the Administrator, surrender of other shares of Common Stock which have been owned by the Optionee for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of surrender equal to the aggregate exercise price of the shares of Common Stock with respect to which the Option or portion thereof is being exercised;
 
 
A-3
 
(e)           With the consent of the Administrator, surrendered shares of Common Stock issuable upon the exercise of the Option having a Fair Market Value on the date of exercise equal to the aggregate exercise price of the shares of Common Stock with respect to which the Option or portion thereof is being exercised; or
 
(f)           With the consent of the Administrator, such other form of legal consideration as may be acceptable to the Administrator.
 
4.5           Conditions to Issuance of Stock Certificates.  The shares of Common Stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company.  Such shares of Common Stock shall be fully paid and nonassessable.  The Company shall not be required to issue or deliver any certificates or make any book entries evidencing shares of Common Stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of the conditions set forth in Section 11.4 of the Plan.
 
4.6           Rights as Stockholder.  The holder of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares of Common Stock purchasable upon the exercise of any part of the Option unless and until such shares of Common Stock shall have been issued by the Company to such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 13.2 of the Plan.
 
ARTICLE V.
 
OTHER PROVISIONS
 
5.1           Administration.  The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon the Optionee, the Company and all other interested persons.  No member of the Administrator or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Option.
 
5.2           Transferability of Option.
 
(a)           Except as otherwise set forth in the Plan or as provided in Sections 5.2(b) and 5.2(c) below:
 
(i)           The Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until the Option has been exercised, or the shares underlying the Option have been issued, and all restrictions applicable to such shares have lapsed;
 
(ii)           The Option shall not be liable for the debts, contracts or engagements of the Optionee or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and
 
 
A-4
 
(iii)           During the lifetime of the Optionee, only the Optionee may exercise the Option (or any portion thereof), unless it has been disposed of pursuant to a DRO; after the death of the Optionee, any exercisable portion of the Option may, prior to the time when such portion becomes unexercisable under the Plan or this Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Optionee’s will or under the then applicable laws of descent and distribution.
 
(b)           The Optionee may transfer the Option to a trust that constitutes a Permitted Transferee if, under Section 671 of the Code and applicable state law, the Optionee is considered the sole beneficial owner of the Option while it is held in the trust.
 
(c)           Notwithstanding any other provision in this Agreement, the Optionee may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Optionee and to receive any distribution with respect to the Option upon the Optionee’s death.  A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and this Agreement, except to the extent the Plan and this Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator.  If the Optionee is married and resides in a community property state, a designation of a person other than the Optionee’s spouse as his or her beneficiary with respect to more than 50% of the Optionee’s interest in the Option shall not be effective without the prior written consent of the Optionee’s spouse.  If no beneficiary has been designated or survives the Optionee, payment shall be made to the person entitled thereto pursuant to the Optionee’s will or the laws of descent and distribution.  Subject to the foregoing, a beneficiary designation may be changed or revoked by the Optionee at any time provided the change or revocation is filed with the Administrator prior to the Optionee’s death.
 
5.3           Tax Consultation.  Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase or disposition of the shares of Common Stock subject to the Option.  Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of such shares and that Optionee is not relying on the Company for any tax advice.
 
5.4           Adjustments.  The Optionee acknowledges that the Option is subject to modification and termination in certain events as provided in this Agreement and Article 13 of the Plan.
 
5.5           Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the address given beneath the signature of the Company’s authorized officer on the Grant Notice, and any notice to be given to the Optionee shall be addressed to the Optionee at the address given beneath the Optionee’s signature on the Grant Notice.  By a notice given pursuant to this Section 5.5, either party may hereafter designate a different address for notices to be given to that party.  Any notice which is required to be given to the Optionee shall, if the Optionee is then deceased, be given to the person entitled to exercise his or her Option pursuant to Section 4.1 by written notice under this Section 5.5.  Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.
 
5.6           Optionee’s Representations.  If the shares of Common Stock purchasable pursuant to the exercise of this Option have not been registered under the Securities Act or any applicable state laws on an effective registration statement at the time this Option is exercised, the Optionee shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, make such written representations as are deemed necessary or appropriate by the Company and/or its counsel.
 
 
A-5
 
5.7           Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
 
5.8           Governing Law.  The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
 
5.9           Conformity to Securities Laws.  The Optionee acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
 
5.10           Amendments, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board, provided, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material way without the prior written consent of the Optionee.
 
5.11           Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth in Article 5, this Agreement shall be binding upon the Optionee and his or her heirs, executors, administrators, successors and assigns.
 
5.12           Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if the Optionee is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule
 
5.13           Not a Contract of Service.  Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries.
 
5.14           Entire Agreement.  The Plan, the Grant Notice and this Agreement (including all Exhibits thereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Optionee with respect to the subject matter hereof.
 
5.15           Section 409A.  Notwithstanding any other provision of the Plan, this Agreement or the Grant Notice, the Plan, this Agreement and the Grant Notice shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the U.S. Internal Revenue Code of 1986, as amended (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”).   The Administrator may, in its discretion, adopt such amendments to the Plan, this Agreement or the Grant Notice or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate to comply with the requirements of Section 409A.
 
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 EX-10.2 3 ex10-2.htm EXHIBIT 10.2 ex10-2.htm
Exhibit 10.2
AUSTRALIAN EMPLOYEE FORM
 
REACHLOCAL, INC.
AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN
 
RESTRICTED STOCK UNIT AWARD GRANT NOTICE
 
ReachLocal, Inc., a Delaware corporation, (the “Company”), pursuant to its Amended and Restated 2008 Stock Incentive Plan, as amended from time to time (the “Plan”), hereby grants to the holder listed below (“Holder”), an award of restricted stock units (“Restricted Stock Units” or “RSUs”).  Each vested Restricted Stock Unit represents the right to receive, in accordance with Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Agreement”), one share of Common Stock of the Company (the “Common Stock”).  This award of Restricted Stock Units is subject to all of the terms and conditions set forth herein and in the Agreement and the Plan, each of which are incorporated herein by reference.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Agreement.
 
Holder:
  
Grant Date:
                                                                 
Total Number of RSUs:
                                                                       
Vesting Commencement Date:
                                                                    
Vesting Schedule:
  
Termination:
If Holder ceases to be an Employee or Director prior to the applicable vesting date, all RSUs that have not become vested on or prior to the date of such termination of services will thereupon be automatically forfeited by Holder without payment of any consideration therefor.
 
For information regarding the Australian dollar equivalent of the current market price of Common Stock as quoted on the NASDAQ National Market (the “NASDAQ”), or for further information regarding this Grant Notice, the Agreement or the Plan generally, please contact Michael Eves at 02 8197 5739 or at Michael.Eves@ReachLocal.com.au.  Alternatively, you may obtain the market price of Common Stock on the NASDAQ in US dollars on the internet via the NASDAQ website, www.nasdaq.com.
 
Any advice given by the Company or any other associated company in this Grant Notice, the Agreement or in the accompanying documents is general advice only.  Holders should consider obtaining their own financial product advice from an independent person who is licensed by the Australian Securities and Investments Commission (the “ASIC”) to give such advice (the “Financial Advice”).
 
By his or her signature and the Company’s signature below, Holder agrees to be bound by the terms and conditions of the Plan, the Agreement and this Grant Notice.  Holder has reviewed the Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel (including the Financial Advice) prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Agreement and the Plan.  Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.
 
REACHLOCAL, INC.:
  
HOLDER:
By:
    
By:
  
Print Name:
    
Print Name:
  
Title:
    
 
  
Address:
    
Address:
  
         
 
 
 
 
EXHIBIT A
TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE
 
REACHLOCAL, INC. RESTRICTED STOCK UNIT AWARD AGREEMENT
 
ARTICLE 1.
 
GENERAL
 
1.1              Defined Terms.  Wherever the following terms are used in this Restricted Stock Unit Award Agreement (this “Agreement”), they shall have the meanings specified below, unless the context clearly indicates otherwise.  Capitalized terms not specifically defined herein shall have the meanings specified in the ReachLocal, Inc. Amended and Restated 2008 Stock Incentive Plan, as amended from time to time (the “Plan”), and the Restricted Stock Unit Award Grant Notice (the “Grant Notice”) to which this Agreement is attached.
 
(a)           “Termination of Directorship” shall mean the time when Holder, if he or she is or becomes a Non-Employee Director, ceases to be a Director for any reason, including, but not by way of limitation, a termination by resignation, failure to be elected, death or retirement.  The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of Directorship with respect to a Non-Employee Director.
 
(b)           “Termination of Employment” shall mean the time when the employee-employer relationship between Holder and the Company or any Subsidiary is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death, Disability or retirement; but excluding terminations where there is a simultaneous reemployment or continuing employment of Holder by the Company or any Subsidiary.  The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, the question of whether a particular leave of absence constitutes a Termination of Employment.
 
(c)           “Termination of Service” shall mean Holder’s Termination of Directorship or Termination of Employment, as applicable.
 
1.2              Incorporation of Terms of Plan.  The RSUs are subject to the terms and conditions of the Plan which are incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
 
ARTICLE 2.
 
GRANT OF RESTRICTED STOCK UNITS
 
2.1              Grant of RSUs.  Pursuant to the Grant Notice and upon the terms and conditions set forth in the Plan and this Agreement, effective as of the Grant Date set forth in the Grant Notice, ReachLocal, Inc., a Delaware corporation (the “Company”), has granted to Holder an award of restricted stock units (“Restricted Stock Units” or “RSUs”) under the Plan in consideration of Holder’s past and/or continued employment with or service to the Company or a Subsidiary and for other good and valuable consideration.
 
 
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2.2              Unsecured Obligation to RSUs.  Unless and until the RSUs have vested in the manner set forth in Article 2 hereof, Holder will have no right to receive Common Stock under any such RSUs.  Prior to actual delivery of shares of Common Stock following the vesting of any RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.
 
2.3              Vesting Schedule.  Subject to Section 2.5 hereof, the RSUs shall vest and become nonforfeitable with respect to the applicable portion thereof according to the vesting schedule set forth on the Grant Notice, subject to Holder’s continued status as an Employee or Non-Employee Director through the applicable vesting dates, as a condition to the vesting of the applicable installment of the RSUs and the rights and benefits under this Agreement
 
2.4              Consideration to the Company.  In consideration of the grant of the award of RSUs by the Company, Holder agrees to render faithful and efficient services to the Company or any Subsidiary.  Nothing in the Plan or this Agreement shall confer upon Holder any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Holder at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Holder.
 
2.5              Forfeiture, Termination and Cancellation upon Termination of Service.  Notwithstanding any contrary provision of this Agreement, upon Holder’s Termination of Service for any or no reason, all Restricted Stock Units which have not vested prior to or in connection with such Termination of Service will thereupon automatically be forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and Holder, or Holder’s beneficiary or personal representative, as the case may be, shall have no further rights hereunder.  No portion of the RSUs which has not become vested as of the date on which the Holder incurs a Termination of Service shall thereafter become vested.
 
2.6              Issue of Common Stock upon Vesting.
 
(a)           As soon as administratively practicable following the vesting of any Restricted Stock Units pursuant to Section 2.3 hereof, but in no event later than thirty (30) days after such vesting date, the Company shall deliver to Holder (or any transferee permitted under Section 3.2 hereof) a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its sole discretion) equal to the number of Restricted Stock Units subject to this award that vest on the applicable vesting date, unless such Restricted Stock Units terminate prior to the given vesting date pursuant to Section 2.5 hereof.  Notwithstanding the foregoing, in the event shares of Common Stock cannot be issued pursuant to Section 11.4 of the Plan, the shares of Common Stock shall be issued pursuant to the preceding sentence as soon as administratively practicable after the Administrator determines that shares of Common Stock can again be issued in accordance with such Section.
 
(b)           As set forth in Section 11.2 of the Plan, the Company shall have the authority and the right to deduct or withhold, or to require the Holder to remit to the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the RSUs.  The Company shall not be obligated to deliver any new certificate representing shares of Common Stock to Holder or Holder’s legal representative or enter such share of Common Stock in book entry form unless and until Holder or Holder’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of Holder resulting from the grant or vesting of the RSUs or the issuance of shares of Common Stock.
 
 
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2.7              Conditions to Delivery of Common Stock.  The shares of Common Stock deliverable hereunder may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company.  Such shares of Common Stock shall be fully paid.  The Company shall not be required to issue or deliver any certificates or make any book entries evidencing shares of Common Stock deliverable hereunder prior to fulfillment of the conditions set forth in Section 11.4 of the Plan.
 
2.8              Rights as Stockholder.  The holder of the RSUs shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the RSUs and any shares of Common Stock underlying the RSUs and deliverable hereunder unless and until such shares of Common Stock shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 13.2 of the Plan.
 
ARTICLE 3.
 
OTHER PROVISIONS
 
3.1              Administration.  The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Holder, the Company and all other interested persons.  No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the RSUs.
 
3.2              Grant is Not Transferable.  During the lifetime of Holder, the RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution.  Neither the RSUs nor any interest or right therein shall be liable for the debts, contracts or engagements of Holder or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.
 
3.3               Lock-Up Period.  The Holder hereby agrees that, if so requested by the Company or any representative of the underwriters (the “Managing Underwriter”) in connection with any registration of the offering of any securities of the Company under the Securities Act or any applicable state laws, the Holder shall not sell or otherwise transfer any shares of Common Stock or other securities of the Company during the 180-day period (or such longer period as may be requested in writing by the Managing Underwriter and agreed to in writing by the Company) following the effective date of a registration statement of the Company filed under the Securities Act in connection with the Company’s initial public offering of Common Stock (the “Market Standoff Period”).  The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market Standoff Period and these restrictions shall be binding on any transferee of such shares of Common Stock.  Notwithstanding the foregoing, the 180-day period may be extended for up to such number of additional days as is deemed necessary by the Company or the Managing Underwriter to continue coverage by research analysts in accordance with NASD Rule 2711 or any successor rule.
 
 
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3.4              Tax Consultation.  Holder understands that Holder may suffer adverse tax consequences in connection with the RSUs granted pursuant to this Agreement (and the shares issuable with respect thereto).  Holder represents that Holder has consulted with any tax consultants Holder deems advisable in connection with the RSUs and the issuance of shares with respect thereto and that Holder is not relying on the Company for any tax advice.
 
3.5               Adjustments. Holder acknowledges that the RSUs are subject to modification and termination in certain events as provided in this Agreement and Article 13 of the Plan.
 
3.6              Binding Agreement.  Subject to the limitation on the transferability of the RSUs contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
 
3.7              Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Holder shall be addressed to Holder at Holder’s last address reflected on the Company’s records.  By a notice given pursuant to this Section 3.7, either party may hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States or Australian Postal Service, as applicable.
 
3.8              Holder’s Representations.  If the shares of Common Stock issuable hereunder have not been registered under the Securities Act or any applicable state or foreign laws on an effective registration statement at the time of such issuance, Holder shall, if required by the Company, concurrently with such issuance, make such written representations as are deemed necessary or appropriate by the Company and/or its counsel.
 
3.9              Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
 
3.10            Governing Law.  The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
 
3.11            Conformity to Securities Laws.  Holder acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
 
3.12             Amendments, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the RSUs in any material way without the prior written consent of Holder.
 
 
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3.13             Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth in Section 3.2 hereof, this Agreement shall be binding upon Holder and his or her heirs, executors, administrators, successors and assigns.
 
3.14              Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if Holder is subject to Section 16 of the Exchange Act, the Plan, the RSUs and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
 
3.15              Entire Agreement.  The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Holder with respect to the subject matter hereof.
 

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 EX-10.3 4 ex10-3.htm EXHIBIT 10.3 ex10-3.htm
Exhibit 10.3
CANADIAN EMPLOYEE FORM
REACHLOCAL, INC.
AMENDED AND RESTATED 2008 STOCK INCENTIVE PLAN
 
RESTRICTED STOCK UNIT AWARD GRANT NOTICE
 
ReachLocal, Inc., a Delaware corporation, (the “Company”), pursuant to its Amended and Restated 2008 Stock Incentive Plan, as amended from time to time (the “Plan”), hereby grants to the holder listed below (“Holder”), an award of restricted stock units (“Restricted Stock Units” or “RSUs”).  Each vested Restricted Stock Unit represents the right to be issued, in accordance with the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Agreement”), one share of Common Stock.  This award of Restricted Stock Units is subject to all of the terms and conditions set forth herein and in the Agreement and the Plan, each of which are incorporated herein by reference.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Agreement.
 
Holder:
                                                                   
Grant Date:
                                                                           
Total Number of RSUs:
                                                                           
Vesting Commencement Date:
                                                                           
Vesting Schedule:
  
Termination:
If Holder ceases to be an Employee, Consultant or Director prior to the applicable vesting date, all RSUs that have not become vested on or prior to the date of such termination of services will thereupon be automatically forfeited by Holder without payment of any consideration therefor.
 
By his or her signature and the Company’s signature below, Holder agrees to be bound by the terms and conditions of the Plan, the Agreement and this Grant Notice.  Holder has reviewed the Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Agreement and the Plan.  Holder hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.
 
REACHLOCAL, INC.:
  
HOLDER:
By:
    
By:
  
Print Name:
    
Print Name:
  
Title:
    
 
  
Address:
    
Address:
  
         
 
 
 
 
EXHIBIT A
TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE
 
REACHLOCAL, INC. RESTRICTED STOCK UNIT AWARD AGREEMENT
 
 
ARTICLE 1.
 
GENERAL
 
1.1              Defined Terms.  Wherever the following terms are used in this Restricted Stock Unit Award Agreement (this “Agreement”), they shall have the meanings specified below, unless the context clearly indicates otherwise.  Capitalized terms not specifically defined herein shall have the meanings specified in the ReachLocal, Inc. Amended and Restated 2008 Stock Incentive Plan, as amended from time to time (the “Plan”), and the Restricted Stock Unit Award Grant Notice (the “Grant Notice”) to which this Agreement is attached.
 
(a)           “Cause” shall be deemed to exist if the Holder is terminated by the Company or a Subsidiary for any of the following reasons: (i) the Holder’s willful failure to substantially perform the Holder’s duties and responsibilities to the Company or its Subsidiaries, (ii) the Holder’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused material injury to the Company or its Subsidiaries, (iii) unauthorized use or disclosure by the Holder of any proprietary information or trade secrets of the Company, a Subsidiary or any other party to which the Holder owes an obligation of nondisclosure as a result of the Holder’s relationship with the Company or its Subsidiaries, (iv) the Holder’s willful material breach of any of the Holder’s obligations under any written agreement or covenant with the Company or a Subsidiary, or (v) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state thereof, to the material detriment of the Company or any of its Subsidiaries.
 
(b)           “Termination of Consultancy” shall mean the time when the engagement of Holder as a Consultant to the Company or a Subsidiary is terminated for any reason, with or without Cause, including, but not by way of limitation, by resignation, discharge, death, Disability or retirement, but excluding:  (a) terminations where there is a simultaneous employment or continuing employment of Holder by the Company or any Subsidiary, and (b) terminations where there is a simultaneous re-establishment of a consulting relationship or continuing consulting relationship between Holder and the Company or any Subsidiary.  The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Consultancy, including, but not by way of limitation, the question of whether a particular leave of absence constitutes a Termination of Consultancy.  Notwithstanding any other provision of the Plan, the Company or any Subsidiary has an absolute and unrestricted right to terminate a Consultant’s service at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in writing.
 
(c)           “Termination of Directorship” shall mean the time when Holder, if he or she is or becomes a Non-Employee Director, ceases to be a Director for any reason, including, but not by way of limitation, a termination by resignation, failure to be elected, death or retirement.  The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of Directorship with respect to Non-Employee Directors.
 
(d)           “Termination of Employment” shall mean the time when the employee-employer relationship between Holder and the Company or any Subsidiary is terminated for any reason, with or without Cause, including, but not by way of limitation, a termination by resignation, discharge, death, Disability or retirement; but excluding:  (a) terminations where there is a simultaneous reemployment or continuing employment of Holder by the Company or any Subsidiary, and (b) terminations where there is a simultaneous establishment of a consulting relationship or continuing consulting relationship between Holder and the Company or any Subsidiary.  The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, the question of whether a particular leave of absence constitutes a Termination of Employment.
 
 
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(e)           “Termination of Service” shall mean Holder’s Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable.
 
1.2              Incorporation of Terms of Plan.  The RSUs are subject to the terms and conditions of the Plan which are incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
 
ARTICLE 2.
 
GRANT OF RESTRICTED STOCK UNITS
 
2.1              Grant of RSUs.  Pursuant to the Grant Notice and upon the terms and conditions set forth in the Plan and this Agreement, effective as of the Grant Date set forth in the Grant Notice, ReachLocal, Inc., a Delaware corporation (the “Company”), has granted to Holder an award of restricted stock units (“Restricted Stock Units” or “RSUs”) under the Plan in consideration of Holder’s past and/or continued employment with or service to the Company or a Subsidiary and for other good and valuable consideration and agrees to issue to Holder one share of Common Stock for each vested Restricted Stock Unit in accordance with the terms and conditions of the Plan and this Agreement.
 
2.2              Vesting of RSUs.  Only once the RSUs have vested in the manner set forth in Article 2 hereof will Holder have the right to be issued Common Stock under any such RSUs.
 
2.3              Vesting Schedule.  Subject to Section 2.5 hereof, the RSUs shall vest and become nonforfeitable with respect to the applicable portion thereof according to the vesting schedule set forth on the Grant Notice, subject to Holder’s continued status as an Employee, Consultant or Non-Employee Director through the applicable vesting dates, as a condition to the vesting of the applicable installment of the RSUs and the rights and benefits under this Agreement.
 
2.4              Consideration to the Company.  In consideration of the grant of the award of RSUs by the Company, Holder agrees to render faithful and efficient services to the Company or any Subsidiary.  Nothing in the Plan or this Agreement shall confer upon Holder any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Holder at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Holder.
 
2.5              Forfeiture, Termination and Cancellation upon Termination of Service.  Notwithstanding any contrary provision of this Agreement, upon Holder’s Termination of Service for any or no reason, all Restricted Stock Units which have not vested prior to or in connection with such Termination of Service will thereupon automatically be forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and Holder, or Holder’s beneficiary or personal representative, as the case may be, shall have no further rights hereunder.  No portion of the RSUs which has not become vested as of the date on which the Holder incurs a Termination of Service shall thereafter become vested.
 
 
A-2
 
2.6              Issue of Common Stock upon Vesting.
 
(a)           As soon as administratively practicable following the vesting of any Restricted Stock Units pursuant to Section 2.3 hereof, but in no event later than thirty (30) days after such vesting date, the Company shall deliver to Holder (or any transferee permitted under Section 3.2 hereof) a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its sole discretion) equal to the number of RSUs subject to this award that vest on the applicable vesting date, unless such RSUs terminate prior to the given vesting date pursuant to Section 2.5 hereof.  Notwithstanding the foregoing, in the event shares of Common Stock cannot be issued pursuant to Section 11.4 of the Plan, the shares of Common Stock shall be issued pursuant to the preceding sentence as soon as administratively practicable after the Administrator determines that shares of Common Stock can again be issued in accordance with such Section, and notwithstanding anything to the contrary in the Plan the Company shall satisfy its obligations under this Agreement following the vesting of RSUs solely by issuing shares of Common Stock to a Holder and shall not satisfy its obligations by paying cash to Holder in lieu of issuing shares of Common Stock.
 
(b)           As set forth in Section 11.2 of the Plan, the Company shall have the authority and the right to deduct or withhold, or to require the Holder to remit to the Company, an amount sufficient to satisfy all applicable taxes required by law to be withheld with respect to any taxable event arising in connection with the Restricted Stock Units.  In satisfaction of the foregoing requirement, unless otherwise determined by the Administrator, Holder may elect to satisfy such tax-related obligations by delivery of a notice that Holder has placed a market sell order with a broker with respect to shares of Common Stock then issuable to Holder under its vested RSUs, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company so that it may satisfy its tax withholding obligations; provided that payment of such proceeds is then made to the Company upon settlement of such sale.  The number of shares of Common Stock which shall be so sold in order to satisfy such withholding tax liabilities shall be limited to the number of shares which have a fair market value on the date of issuance to Holder equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for tax purposes that are applicable to such taxable event. The Company shall not be obligated to deliver any new certificate representing shares of Common Stock to Holder or Holder’s legal representative or enter such share of Common Stock in book entry form unless and until Holder or Holder’s legal representative shall have paid or otherwise satisfied in full the amount of all taxes applicable to the taxable income of Holder resulting from the grant or vesting of the Restricted Stock Units or the issuance of shares of Common Stock.
 
2.7              Conditions to Delivery of Common Stock.  The shares of Common Stock deliverable hereunder may be either previously authorized but unissued shares of Common Stock, treasury shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company.  Such shares of Common Stock shall be fully paid.  The Company shall not be required to issue or deliver any certificates or make any book entries evidencing shares of Common Stock deliverable hereunder prior to fulfillment of the conditions set forth in Section 11.4 of the Plan.
 
2.8              Rights as Stockholder.  The holder of the RSUs shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the RSUs and any shares of Common Stock underlying the RSUs and deliverable hereunder unless and until such shares of Common Stock shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 13.2 of the Plan.
 
 
A-3
 
ARTICLE 3.
 
OTHER PROVISIONS
 
3.1              Administration.  The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Holder, the Company and all other interested persons.  No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the RSUs.
 
3.2              Grant is Not Transferable.  During the lifetime of Holder, the RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution.  Neither the RSUs nor any interest or right therein shall be liable for the debts, contracts or engagements of Holder or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.
 
3.3           Tax Consultation.  Holder understands that Holder may suffer adverse tax consequences in connection with the RSUs granted pursuant to this Agreement (and the shares issuable with respect thereto).  Holder represents that Holder has consulted with any tax consultants Holder deems advisable in connection with the RSUs and the issuance of shares with respect thereto and that Holder is not relying on the Company for any tax advice.
 
3.4           Adjustments. Holder acknowledges that the RSUs are subject to modification and termination in certain events as provided in this Agreement and Article 13 of the Plan.
 
3.5              Binding Agreement.  Subject to the limitation on the transferability of the RSUs contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
 
3.6              Notices.  Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to Holder shall be addressed to Holder at Holder’s last address reflected on the Company’s records.  By a notice given pursuant to this Section 3.6, either party may hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.
 
3.7              Holder’s Representations.  If the shares of Common Stock issuable hereunder have not been registered under the Securities Act or any applicable state or foreign laws on an effective registration statement at the time of such issuance, Holder shall, if required by the Company, concurrently with such issuance, make such written representations as are deemed necessary or appropriate by the Company and/or its counsel.
 
 
A-4
 
3.8              Titles.  Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
 
3.9              Governing Law.  The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. Notwithstanding the foregoing, to the extent applicable, the RSUs are intended to be governed by section 7 of the Income Tax Act (Canada) and this Agreement and the Plan shall be interpreted in a manner that fulfills this intention.
 
3.10              Conformity to Securities Laws.  Holder acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. The distribution of the RSUs and Common Stock in Canada is being and will be made on a private placement basis.  Accordingly, any resale of such Common Stock in that is subject to Canadian securities regulations must be made in accordance with an exemption from prospectus requirements and in compliance with the registration requirements of applicable securities laws.  Recipients of Common Stock are advised to seek legal advice prior to any resale of Common Stock.
 
3.11              Amendments, Suspension and Termination.  To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the RSUs in any material way without the prior written consent of Holder.
 
3.12              Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth in Section 3.2 hereof, this Agreement shall be binding upon Holder and his or her heirs, executors, administrators, successors and assigns.
 
3.13              Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Plan or this Agreement, if Holder is subject to Section 16 of the Exchange Act, the Plan, the RSUs and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
 
3.14              Entire Agreement.  The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Holder with respect to the subject matter hereof.
 
3.15              Limitation on Holder’s Rights.  Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Holder shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with respect to RSUs, as and when payable hereunder.
 
 
A-5
 
3.16              Not a Contract of Service Relationship.  Nothing in this Agreement or in the Plan shall confer upon Holder any right to serve or continue to serve as an Employee, Consultant or Director.
 
3.17              Language. The Parties hereto acknowledge that they have requested that this Agreement and all documents ancillary thereto, including all the documentation provided to the grantee in respect of the award, be drafted in the English language only. Les parties aux présentes reconnaissent qu’elles ont exigé que la présente convention et tous les documents y afférents, y compris toute la documentation transmise au bénéficiaire relativement à l’octroi des droits prévu aux présentes, soient rédigés en langue anglaise seulement.
 
A-6
 EX-31.1 5 ex31-1.htm EXHIBIT 31.1 ex31-1.htm
Exhibit 31.1
 
I, Zorik Gordon, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q of ReachLocal, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
   
/s/ Zorik Gordon
  
Zorik Gordon
  
Chief Executive Officer
  
Date: August 3, 2011
  
EX-31.2 6 ex31-2.htm EXHIBIT 31.2 ex31-2.htm
Exhibit 31.2
 
I, Ross G. Landsbaum, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q of ReachLocal, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
   
/s/ Ross G. Landsbaum
  
Ross G. Landsbaum
  
Chief Financial Officer
  
Date: August 3, 2011
  
EX-32.1 7 ex32-1.htm EXHIBIT 32.1 ex32-1.htm
 
Exhibit 32.1
 
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2011 of ReachLocal, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Zorik Gordon, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
 
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
   
/s/ Zorik Gordon
  
Zorik Gordon
  
Chief Executive Officer
  
(Principal Executive Officer)
  
Date: August 3, 2011
  
EX-32.2 8 ex32-2.htm EXHIBIT 32.2 ex32-2.htm
 
Exhibit 32.2
 
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2011 of ReachLocal, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ross G. Landsbaum, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
 
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
   
/s/ Ross G. Landsbaum
  
Ross G. Landsbaum
  
Chief Financial Officer
  
(Principal Financial Officer)
  
Date: August 3, 2011
  


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Organization and Description of Business</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ReachLocal, Inc. (the &#8220;Company&#8221;) was incorporated in the state of Delaware in August 2003. The Company&#8217;s operations are located in the United States, Canada, Australia, the United Kingdom, India, and Germany. The Company&#8217;s mission is to help small- and medium-sized businesses (SMBs) acquire, maintain and retain customers via the Internet. The Company offers a comprehensive suite of online marketing solutions, including search engine marketing (ReachSearch&#8482;), Web presence (ReachCast&#8482;), display advertising (ReachDisplay&#8482;) and remarketing, deal commerce (ReachDeals&#8482;) , online marketing analytics (TotalTrack<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font>), and an out-of-the-box assisted chat service (TotalLiveChat&#8482;), each targeted to the SMB market. The Company delivers this suite of services to SMBs through a combination of its proprietary technology platform and its direct, &#8220;feet-on-the-street&#8221; sales force of Internet Marketing Consultants, or IMCs, and select third party agencies and resellers.&#160;&#160;Bizzy&#8482;, a personalized local business recommendation engine, is a wholly owned subsidiary of the Company. The Company is headquartered in Woodland Hills, CA.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2. Summary of Significant Accounting Policies</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principles of Consolidation</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The condensed consolidated financial statements include the accounts of ReachLocal, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis of Presentation</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) and applicable rules&#160;and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules&#160;and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company&#8217;s Annual Report on Form&#160;10-K for the fiscal year ended December&#160;31, 2010. The condensed consolidated balance sheet as of December&#160;31, 2010, included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the Company&#8217;s statement of financial position at June 30, 2011, the Company&#8217;s results of operations for the three and six months ended June 30, 2011 and 2010, and its cash flows for the six months ended June 30, 2011 and 2010. The results for the three and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December&#160;31, 2011. All references to the three and six months ended June 30, 2011 and 2010 in the notes to the condensed consolidated financial statements are unaudited.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Use of Estimates</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements. Therefore, actual results could differ from those estimates.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Software Development Costs</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company capitalizes costs to develop software when management has determined that the development efforts will result in new or additional functionality or new products. Costs capitalized as internal use software are amortized on a straight-line basis over the estimated three-year useful life. 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Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)
In Thousands, except Per Share data
Jun. 30, 2011
Dec. 31, 2010
Accounts receivable, allowance for doubtful accounts (in Dollars) $ 342 $ 373
Common stock, par value (in Dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized 140,000 140,000
Common stock, shares issued 29,222 28,165
Common stock, shares outstanding 29,222 28,165
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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenue $ 92,752 $ 70,362 $ 176,810 $ 133,988
Cost of revenue 46,598 38,447 91,098 73,286
Operating expenses:        
Selling and marketing 34,716 26,341 67,135 50,281
Product and technology 4,005 2,522 7,544 4,866
General and administrative 8,572 5,618 15,649 11,003
Total operating expenses 47,293 34,481 90,328 66,150
Loss from operations (1,139) (2,566) (4,616) (5,448)
Other income, net 221 265 417 255
Loss before provision for income taxes (918) (2,301) (4,199) (5,193)
Provision (benefit) for income taxes 31 93 197 (545)
Net loss $ (949) $ (2,394) $ (4,396) $ (4,648)
Net loss per share, basic and diluted (in Dollars per share) $ (0.03) $ (0.09) $ (0.15) $ (0.59)
Weighted average common shares used in computation of net loss per share, basic and diluted (in Shares) 29,043 25,621 28,752 7,939
Net loss per share, as if converted:        
Basic and diluted (in Dollars per share) $ (0.03) $ (0.09) $ (0.15) $ (0.19)
Weighted average common shares used in computation of net loss per share, as if converted:        
Basic and diluted (in Shares) 29,043 25,621 28,752 24,651
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Document And Entity Information
 6 Months Ended
Jun. 30, 2011
Aug. 01, 2011
Document and Entity Information [Abstract]    
Entity Registrant Name ReachLocal Inc  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   29,234,422
Amendment Flag false  
Entity Central Index Key 0001297336  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Filer Category Non-accelerated Filer  
Entity Well-known Seasoned Issuer No  
Document Period End Date Jun. 30, 2011
Document Fiscal Year Focus 2011  
Document Fiscal Period Focus Q2  
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Note 7 - Stock-Based Compensation
 6 Months Ended
Jun. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
7. Stock-Based Compensation

Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and recognized on a straight-line basis over the requisite service period, which is generally the vesting period.

The following table summarizes vested and unvested options activity (number of shares in thousands):

                                     
   
All Options
   
Vested Options
   
Unvested Options
 
   
Shares
   
Weighted
Average
Exercise
Price
   
Shares
   
Weighted
Average
Exercise
Price
   
Shares
   
Weighted
Average
Exercise
Price
 
Outstanding at December 31, 2010
    6,235     $ 9.88       3,247     $ 7.58       2,988     $ 12.45  
                                                 
Granted
    1,237       22.52       1       20.98       1,236       22.52  
Vested
    —       —       754       11.64       (754 )     11.64  
Exercised
    (864 )     5.64       (864 )     5.64       —       —  
Forfeited
    (187 )     12.98       (4 )     10.03       (183 )     13.03  
                                                 
Outstanding at June 30, 2011
    6,421     $ 12.78       3,134     $ 9.10       3,287     $ 16.45  

The following table presents the weighted-average assumptions used to estimate the fair values of the stock options granted during the three and six months ended June 30, 2011 and 2010.

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2011
   
2010
   
2011
   
2010
 
                         
Expected dividend yield
    0 %     0 %     0 %     0 %
Risk-free interest rate
    1.91 %     2.04 %     2.22 %     2.04 %
Expected life (in years)
    4.75       4.75       4.75       4.75  
Expected volatility
    54 %     57 %     57 %     57 %

The weighted average remaining contractual life of all options outstanding as of June 30, 2011 was 5.37 years. The remaining contractual life for options vested and exercisable at June 30, 2011 was 4.81 years. Furthermore, the aggregate intrinsic value of all options outstanding as of June 30, 2011 was $53,944,000, and the aggregate intrinsic value of options vested and exercisable at June 30, 2011 was $37,648,000, in each case based on the fair value of the Company’s common stock on June 30, 2011. The per share weighted average grant date fair value of unvested options as of June 30, 2011 was $7.54. The per share weighted average grant date fair value of options vested during the six months ended June 30, 2011 was $4.48. The per share weighted average grant date fair value of options forfeited during the six months ended June 30, 2011 was $5.28. The total fair value of options vested during the six months ended June 30, 2011was $3,378,000. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2011 was $13,488,000.

Restricted Stock

The following table summarizes restricted stock unit activity (in thousands):

   
Restricted
Stock
   
Vested
   
Unvested
 
Outstanding at December 31, 2010
    2,662       2,535       127  
Issuance of restricted stock units
    69       1       68  
Cancelled
    (4 )     —       (4 )
Vested
    —       19       (19 )
Outstanding at June 30, 2011
    2,727       2,555       172  

 Stock-Based Compensation Expense

The Company records stock-based compensation expense net of amounts capitalized as software development costs. The following table summarizes stock-based compensation (in thousands):

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2011
   
2010
   
2011
   
2010
 
Stock-based compensation
  $ 2,676     $ 2,048     $ 5,004     $ 3,332  
Less: Capitalized stock-based compensation
    407       648       957       847  
Stock-based compensation expense, net
  $ 2,269     $ 1,400     $ 4,047     $ 2,485  

Stock-based compensation, net of capitalization, is included in the accompanying condensed consolidated statements of operations, in the following caption (in thousands):

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2011
   
2010
   
2011
   
2010
 
Stock-based compensation expense, net
                       
Cost of revenue
  $ 65     $ 70     $ 116     $ 161  
Selling and marketing
    382       260       760       441  
Product and technology
    342       259       600       523  
General and administrative
    1,480       811       2,571       1,360  
    $ 2,269     $ 1,400     $ 4,047     $ 2,485  

As of June 30, 2011, there was $25,063,000 of unrecognized stock-based compensation related to restricted stock, outstanding stock options and SMB:LIVE, net of estimated forfeitures. This amount is expected to be recognized over a weighted average period of 1.6 years. Future stock-based compensation expense for these awards may differ in the event actual forfeitures deviate from management’s estimates.

XML 20 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Note 3 - Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2011
Fair Value Disclosures [Text Block]
3. Fair Value of Financial Instruments

The Company applies the fair value hierarchy for financial instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable, that are used to measure fair value:

 
•
Level 1—Quoted prices in active markets for identical assets or liabilities.

 
•
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table summarizes the basis used to measure certain of the Company’s financial assets that are carried at fair value (in thousands):

   
Balance at
June 30,
2011
   
Basis of Fair Value Measurement
 
   
Quoted Prices in
Active Markets
for Identical
Items
(Level 1)
   
Significant  Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
Cash and cash equivalents
  $ 85,423     $ 85,423     $ —     $ —  
Certificates of deposit
  $ 9,247     $ 9,247     $ —     $ —  
               
           
Basis of Fair Value Measurement
 
   
Balance at
December 31,
2010
   
Quoted Prices in
Active Markets
for Identical
Items
(Level 1)
   
Significant  Other
Observable
Inputs
(Level 2)
   
Significant
Unobservable
Inputs
(Level 3)
 
Cash and cash equivalents
  $ 79,906     $ 79,906     $ —     $ —  
Certificates of deposit
  $ 9,009     $ 9,009     $ —     $ —  

XML 21 R14.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Note 9 - Segment Information
 6 Months Ended
Jun. 30, 2011
Segment Reporting Disclosure [Text Block]
 9. Segment Information

Revenue by geographic region with respect to the Direct Local channel and national brands is based on the physical location of the sales office, and with respect to agencies and resellers, is based on the physical location of the agency or reseller. The following summarizes revenue by geographic region (in thousands):

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2011
   
2010
   
2011
   
2010
 
Revenue:
                       
North America
  $ 72,082     $ 59,240     $ 138,934     $ 113,108  
International
    20,670       11,122       37,876       20,880  
    $ 92,752     $ 70,362     $ 176,810     $ 133,988  
                                 
                                 
                   
June 30,
2011
   
December 31,
2010
 
Long lived assets (excluding patents and other intangibles):
                               
North America
                  $ 7,588     $ 5,985  
International
                    2,648       801  
                    $ 10,236     $ 6,786  

XML 22 R13.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Note 8 - Income Taxes
 6 Months Ended
Jun. 30, 2011
Income Tax Disclosure [Text Block]
8. Income Taxes

The Company follows ASC Topic 740-270, Income taxes—Interim Reporting, for the computation and presentation of its interim period tax provision. Accordingly, management estimates the effective annual tax rate and applies this rate to the year-to-date pre-tax book income or loss to determine the interim provision for income taxes. For the three and six months ended June 30, 2011, the income tax provision amounted to $31,000 and $197,000 and relates to federal, state, local and foreign income taxes. The income tax benefit for the six months ended June 30, 2010 was primarily attributable to the acquisition of SMB:LIVE, in which we recorded a one-time discrete deferred tax benefit of $702,000.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. All of the Company’s income tax returns since inception are open to examination by federal, state, and foreign tax authorities. In August of 2010, the Internal Revenue Service initiated an examination of the Company’s U.S. consolidated 2008 income tax return that was finalized in March 2011 with no proposed adjustments.

XML 23 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Note 1 - Organization and Description of Business
 6 Months Ended
Jun. 30, 2011
Nature of Operations [Text Block]
1. Organization and Description of Business

ReachLocal, Inc. (the “Company”) was incorporated in the state of Delaware in August 2003. The Company’s operations are located in the United States, Canada, Australia, the United Kingdom, India, and Germany. The Company’s mission is to help small- and medium-sized businesses (SMBs) acquire, maintain and retain customers via the Internet. The Company offers a comprehensive suite of online marketing solutions, including search engine marketing (ReachSearch™), Web presence (ReachCast™), display advertising (ReachDisplay™) and remarketing, deal commerce (ReachDeals™) , online marketing analytics (TotalTrack®), and an out-of-the-box assisted chat service (TotalLiveChat™), each targeted to the SMB market. The Company delivers this suite of services to SMBs through a combination of its proprietary technology platform and its direct, “feet-on-the-street” sales force of Internet Marketing Consultants, or IMCs, and select third party agencies and resellers.  Bizzy™, a personalized local business recommendation engine, is a wholly owned subsidiary of the Company. The Company is headquartered in Woodland Hills, CA.

XML 24 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Note 4 - Acquisitions
 6 Months Ended
Jun. 30, 2011
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
4. Acquisitions

Intangible Assets Acquired in Prior Periods

As of June 30, 2011, intangible assets from the acquisitions of ReachLocal Australia Pty Ltd. (“ReachLocal Australia”) and SMB:LIVE Corporation (“SMB:LIVE”) included customer relationships of $918,000 (net of accumulated of amortization of $1,382,000) and developed technology of $1,278,000 (net of accumulated amortization of $1,022,000). Intangible assets are amortized on a straight-line basis over the estimated useful life of three years. Based on the current amount of intangibles subject to amortization, the estimated amortization expense for the succeeding three years is as follows (in thousands):

Year Ended December 31,      
2011 (6 months)
  $ 767  
2012
    1,302  
2013
    127  
Total
  $ 2,196  

For the three months ended June 30, 2011 and 2010, amortization expense related to the ReachLocal Australia and SMB:LIVE intangibles was $383,000 and $384,000, respectively, and for the six months ended June 30, 2011 and 2010, was $767,000 and $640,000, respectively.

Acquisition of DealOn

On February 8, 2011, the Company entered into an agreement to acquire all of the outstanding member interests of DealOn, LLC (“DealOn”) for consideration of up to approximately $9,566,000 in cash and stock. DealOn is a deal commerce company that operates in the United States and provides the Company with a turnkey platform to strategically enter the deal commerce space.

On the closing date, the Company paid $5,793,000 in cash and issued 82,878 shares of its common stock, valued at $1,895,000 based on fair value of the Company’s stock on the acquisition date. The balance of the purchase price of $1,955,000 (the “DealOn Deferred Consideration”) is payable in cash of $1,468,000 and in 21,297 shares of the Company’s common stock, and is subject to adjustment under the terms of the acquisition agreement. The following table summarizes the DealOn Deferred Consideration milestone payments, subject to adjustment under the acquisition agreement (in thousands):

   
Deferred
Cash
Consideration
   
Deferred
Stock
Consideration
   
Total
 
February 2012
  $ 734     $ 243     $ 977  
August 2012
    367       122       489  
February 2013
    367       122       489  
Total Deferred Consideration
  $ 1,468     $ 487     $ 1,955  

For purposes of determining the Company’s acquisition consideration, management discounted the DealOn Deferred Consideration to its present value, or $1,878,000, and recorded this amount at the time of acquisition. The Company has accrued interest on the amount originally recorded, and as of June 30, 2011 has a total deferred payment obligation of $1,893,000, of which $964,000 is classified as a current liability.  The Company recorded the acquired assets and liabilities at their respective fair values. The following table summarizes the fair value of assets and liabilities acquired (in thousands):

       
Assets acquired:
     
Accounts receivable
  $ 41  
Property and equipment
    3  
Other current assets
    15  
Intangible assets
    2,080  
Goodwill
    7,648  
Total assets acquired
    9,787  
Liabilities assumed:
       
Accounts payable and accrued expenses
    221  
Total fair value of assets and liabilities acquired
  $ 9,566  

The intangible assets acquired consist of DealOn’s relationships, technology and trademarks, which are being amortized over one to three years, their respective estimated useful lives using the straight line method. At June 30, 2011, the remaining amortization of intangibles is as follows (in thousands):

       
Year Ended December 31,
     
2011 (6 months)
    488  
2012
    598  
2013
    553  
2014
    59  
Total
  $ 1,698  

As of June 30, 2011, intangible assets included customer relationships and developed technology of $1,698,000 (net of accumulated amortization of $382,000).  For the three and six months ended June 30, 2011, amortization expense related to the acquired intangibles was $243,000 and $382,000, respectively.

In connection with the DealOn acquisition, the Company incurred approximately $414,000 in costs that are reflected in general and administrative expense in the accompanying condensed consolidated financial statements for the six months ended June 30, 2011. The results of DealOn’s operations for the period post-acquisition were not significant for the six months ended June 30, 2011.

XML 25 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Note 5 - Software Development Costs
 6 Months Ended
Jun. 30, 2011
Research, Development, and Computer Software Disclosure [Text Block]
5. Software Development Costs

Capitalized software development costs consisted of the following (in thousands):

   
June 30,
2011
   
December 31,
2010
 
Capitalized software development costs
  $ 22,077     $ 17,125  
Accumulated amortization
    (8,967 )     (6,322 )
Capitalized software development costs, net
  $ 13,110     $ 10,803  

The Company recorded amortization expense of $1,421,000 and $492,000 for the three months ended June 30, 2011 and 2010, and $2,645,000 and $968,000 for the six months ended June 30, 2011 and 2010, respectively.  As of June 30, 2011, $1,915,000 of capitalized software development costs are related to projects still in process.

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Note 6 - Commitments and Contingencies
 6 Months Ended
Jun. 30, 2011
Commitments and Contingencies Disclosure [Text Block]
6. Commitments and Contingencies

Deferred Payment Obligations

On February 22, 2011, the Company made a deferred payment required under the SMB:LIVE acquisition agreement in the amount of $165,000 and issued 90,062 shares of its common stock. The payment reflected an adjustment for working capital as contemplated by the SMB:LIVE acquisition agreement. The remaining deferred payment obligations under the SMB:LIVE acquisition agreement are based on achieving certain milestones tied to employee retention objectives through 2012 and include $827,000 of deferred cash consideration and 274,630 shares of the Company’s common stock.

As part of the acquisition of DealOn, the Company is obligated to pay up to approximately $1,468,000 in cash and 21,297 shares of its common stock, subject to adjustment under the terms of the acquisition agreement (see Note 4).

Litigation

From time to time the Company is involved in legal proceedings arising in the ordinary course of its business. The Company believes that there is no litigation pending that is likely to have a material adverse effect on its results of operations and financial condition.

On March 1, 2010, a class action lawsuit was filed by two of the Company’s former employees in California Superior Court in Los Angeles, California. The complaint alleged wage and hour violations in a Fair Labor Standards Act collective action and a California class action. On May 6, 2011, the Court granted preliminary approval of a settlement of the class action for $800,000, which together with legal costs resulted in a charge of $832,000 recorded in fiscal 2010. On or about February 2, 2011, a second class action lawsuit was filed by former employees alleging substantially similar wage and hour violations. This lawsuit is not expected to disrupt the prior settlement or result in material additional costs.

 DealOn, which the Company acquired in February 2011, has been sued in two patent infringement matters and has also received a letter claiming that its technology infringes other third-party patents. One of the cases was dismissed without prejudice and the other case is at an early stage, and the Company has not yet determined the amount of liability, if any, that may result from the lawsuits. At this time, however, management does not believe that these matters will have a material adverse effect on the Company.

XML 29 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flow from operating activities:    
Net loss $ (4,396) $ (4,648)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 5,305 2,681
Stock-based compensation, net 4,047 2,485
Provision for doubtful accounts 111 46
Provision for deferred income taxes   (702)
Accrual of interest on deferred payment obligations 15 (55)
Changes in operating assets and liabilities:    
Accounts receivable 189 (573)
Prepaid expenses and other current assets 240 (492)
Other assets 153 (69)
Accounts payable and accrued expenses 3,662 5,985
Deferred revenue and deferred payment obligations 3,538 4,827
Net cash provided by operating activities 12,864 9,485
Cash flow from investing activities:    
Additions to property, equipment and software (6,812) (4,166)
Purchase of DealOn, net of acquired cash (5,793)  
Purchase of SMB:LIVE, net of acquired cash   (2,753)
Payment of deferred obligations (165) (5,853)
Purchase of restricted certificates of deposit (57)  
Purchase of short-term investments (85) (24)
Net cash used in investing activities (12,912) (12,796)
Cash flow from financing activities:    
Proceeds from exercise of stock options 4,909 171
Proceeds from initial public offering   47,648
Deferred offering costs   (3,816)
Net cash provided by financing activities 4,909 44,003
Effect of exchange rate changes on cash 656 (292)
Net change in cash and cash equivalents 5,517 40,400
Cash and cash equivalents—beginning of period 79,906 35,379
Cash and cash equivalents—end of period 85,423 75,779
Supplemental disclosure of other cash flow information:    
Cash paid for interest   72
Cash paid for income taxes 141 15
Supplemental disclosure of non-cash investing and financing activities:    
Capitalized software development costs resulting from stock-based compensation and deferred payment obligations 1,099 1,023
Accrued offering costs   690
Deferred payment obligations $ 1,878 $ 223
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Note 2 - Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2011
Significant Accounting Policies [Text Block]
2. Summary of Significant Accounting Policies

Principles of Consolidation

The condensed consolidated financial statements include the accounts of ReachLocal, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The condensed consolidated balance sheet as of December 31, 2010, included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the Company’s statement of financial position at June 30, 2011, the Company’s results of operations for the three and six months ended June 30, 2011 and 2010, and its cash flows for the six months ended June 30, 2011 and 2010. The results for the three and six months ended June 30, 2011 are not necessarily indicative of the results to be expected for the year ending December 31, 2011. All references to the three and six months ended June 30, 2011 and 2010 in the notes to the condensed consolidated financial statements are unaudited.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements. Therefore, actual results could differ from those estimates.

Software Development Costs

The Company capitalizes costs to develop software when management has determined that the development efforts will result in new or additional functionality or new products. Costs capitalized as internal use software are amortized on a straight-line basis over the estimated three-year useful life. Costs incurred prior to meeting these criteria and costs associated with ongoing maintenance are expensed as incurred and are recorded along with amortization of capitalized software development costs as product and technology expenses within the accompanying condensed consolidated statements of operations.

 Goodwill

At June 30, 2011 and December 31, 2010, the Company had $41,766,000 and $34,118,000 of goodwill, respectively, attributable to business acquisitions completed from 2009 through 2011.

Management evaluates goodwill for impairment using a two-step process that is performed at least annually, or whenever events or circumstances indicate that goodwill may be impaired. The first step is a comparison of the estimated fair value of an internal reporting unit with its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not considered impaired and the second step is unnecessary. If the carrying value of the reporting unit exceeds its estimated fair value, the second step is performed to measure the amount of impairment by comparing the carrying amount of the goodwill to a determination of the implied value of the goodwill. If the carrying amount of goodwill is greater than the implied value, an impairment is recognized for the difference. Management performs an annual impairment test of goodwill as of the first day of each fiscal fourth quarter (October 1).

Revenue Recognition

The Company recognizes revenue for its services when all of the following criteria are satisfied:

 
•
persuasive evidence of an arrangement exists;

 
•
services have been performed;

 
•
the selling price is fixed or determinable; and

 
•
collectability is reasonably assured.

The Company recognizes revenue as the cost for the third-party media is incurred, which is upon delivery of the advertising on behalf of its clients. The Company recognizes revenue for its ReachSearch product as clicks are recorded on sponsored links on the various search engines and for its ReachDisplay product when the display advertisements record impressions or as otherwise provided in its agreement with the applicable publisher. The Company recognizes revenue for its ReachCast product on a straight-line basis over the applicable service period for each campaign. The Company recognizes revenue when it charges set-up, management service or other fees on a straight-line basis over the term of the related campaign contract or the completion of any obligation for services, if shorter. When the Company receives advance payments from clients, management records these amounts as deferred revenue until the revenue is recognized. When the Company extends credit, management records a receivable when the revenue is recognized.

When the Company sells through agencies, it either receives payment in advance of services or in some cases extends credit. The Company pays each agency an agreed-upon commission based on the revenue it earns or cash it receives. Some agency clients who have been extended credit may offset the amount otherwise due to the Company by any commissions they have earned. Management evaluates whether it is appropriate to record the gross amount of campaign revenue or the net amount earned after commissions. When the Company is primary obligor, is subject to the credit risk, and has discretion over both price and media, management recognizes the gross amount of such sales as revenue and any commissions are recognized as a selling and marketing expense.

The Company also has a small number of resellers. Resellers integrate the Company’s services, including ReachSearch, ReachDisplay, ReachCast, remarketing and TotalTrack, into their product offerings. In each case, the resellers integrate with the Company’s RL Platform through a custom application programming interface (API). Resellers are responsible for the price and specifications of the integrated product offered to their clients. Resellers pay the Company in arrears, net of commissions and other adjustments. Management recognizes revenue generated under reseller agreements net of the agreed-upon commissions and other adjustments earned or retained by the reseller, as management believes that the reseller retains sufficient control and bears sufficient risks to be considered the primary obligor in those arrangements.

The Company offers future incentives to clients in exchange for minimum annual commitments. In these circumstances, management estimates the amount of the future incentives that will be earned by clients and defers a portion of the otherwise recognizable revenue. Estimates are based upon a statistical analysis of previous campaigns for which such incentives were offered. Should a client not meet its minimum annual commitment and no longer qualify for the incentive, management recognizes the revenue previously deferred related to the estimated incentive.

During the first quarter of 2011, the Company began selling discounted deals to consumers on behalf of its SMB clients through the Company’s ReachDeals platform. The Company earns a commission for acting as an agent in these transactions, which are recorded on a net basis and are included in revenue upon completion of the sale of the deal to the consumer. The liability for redemption and potential income for breakage remain with the SMB client; therefore, the Company does not record redemption or breakage of the deals. The Company applies a sales allowance for potential consumer refunds.

 Stock-Based Compensation

The Company accounts for stock-based compensation based on fair value. The Company follows the attribution method, which reduces current stock-based compensation expenses recorded by the effect of anticipated forfeitures. Management estimates forfeitures based upon its historical experience, which has resulted in a small expected forfeiture rate.

The fair value of each award is estimated on the date of the grant and amortized over the requisite service period, which is the vesting period. The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards on the date of grant. Determining the fair value of stock-based awards at the grant date under this model requires judgment, including estimating the value per share of common stock, volatility, expected term and risk-free interest rate. The assumptions used in calculating the fair value of stock-based awards represent management’s estimate based on judgment and subjective future expectations. These estimates involve inherent uncertainties. If any of the assumptions used in the Black-Scholes model significantly changes, stock-based compensation for future awards may differ materially from the awards granted previously.

Net Loss Per Share

Basic net loss per share available to common stockholders is computed by dividing the net loss available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted net loss per share available to common stockholders is computed by dividing the net loss for the period by the weighted average number of common and potential dilutive shares outstanding during the period, to the extent such shares are dilutive. Potential dilutive shares are composed of incremental common shares issuable upon the exercise of stock options, warrants and unvested restricted shares using the treasury stock method and convertible preferred stock under the if-converted method, where such conversions would be dilutive.

The following potentially dilutive securities calculated using the treasury stock method have been excluded from the calculation of diluted net loss per common share as they would be anti-dilutive because the Company had net losses for the periods below (in thousands):

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2011
   
2010
   
2011
   
2010
 
Convertible preferred stock
    —       —       —       16,712  
Restricted stock subject to repurchase
    65       87       72       87  
SMB:LIVE acquisition—deferred stock consideration
    94       —       120       —  
Stock options and warrant
    2,087       1,552       2,421       1,534  
      2,246       1,639       2,613       18,333  

In additional, certain stock options have been excluded from the computation of diluted net loss per share because they had an anti-dilutive impact as the deemed proceeds under the treasury stock method were in excess of the average fair market value for the period.  For the three months ended June 30, 2011 and 2010, the number of such securities was 1,283,000 and 1,167,000, respectively, and for the six months ended June 30, 2011 and 2010, the number of such securities was 1,412,000 and 0, respectively.

    Recently Issued Accounting Standards

Accounting Standards Codification (ASC) Topic 220-10, Comprehensive Income - Presentation of Comprehensive Income, specifies an entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Under both options, an entity will be required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. Furthermore, regardless of the presentation methodology elected, the entity will be required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income. The amendments do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The amendments also do not affect how earnings per share is calculated or presented. ASC Topic 220-10 is effective for us on January 1, 2012. Although adopting the guidance will not impact our accounting for comprehensive income, it will affect our presentation of components of comprehensive income by eliminating our practice of showing these items within our Consolidated Statements of Shareowners’ Equity.

ASC Topic 820-10, Fair Value Measurement - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standards), clarifies existing fair value measurement and disclosure requirements, amends certain fair value measurement principles and requires additional disclosures about fair value measurements.  Adoption of this provision, which is effective for us as of the beginning of 2012, is not expected to have a material impact on our consolidated financial statements.

XML 31 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 85,423 $ 79,906
Short-term investments 8,212 8,208
Accounts receivable, net of allowance for doubtful accounts of $342 and $373 at June 30, 2011 and December 31, 2010, respectively 3,105 3,295
Prepaid expenses and other current assets 1,915 2,376
Total current assets 98,655 93,785
Property and equipment, net 8,163 6,710
Capitalized software development costs, net 13,110 10,803
Restricted certificates of deposit 1,035 801
Intangible assets, net 3,894 2,963
Other assets 1,260 1,400
Goodwill 41,766 34,118
Total assets 167,883 150,580
Current Liabilities:    
Accounts payable 28,714 27,471
Accrued expenses 17,153 14,234
Deferred payment obligations 1,579 530
Deferred revenue and other current liabilities 28,169 24,656
Total current liabilities 75,615 66,891
Deferred rent and deferred payment obligations 2,724 1,673
Total liabilities 78,339 68,564
Commitments and contingencies (Note 6)    
Stockholders’ Equity:    
Common stock, $0.00001 par value—140,000 shares authorized; 29,222 and 28,165 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively 0 0
Receivable from stockholder (87) (87)
Additional paid-in capital 109,943 98,140
Accumulated deficit (20,440) (16,044)
Accumulated other comprehensive income 128 7
Total stockholders’ equity 89,544 82,016
Total liabilities and stockholders’ equity $ 167,883 $ 150,580
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