Local.com Corporation Q1 2010 Earnings Call Transcript

Apr.22.10 | About: Local Corporation (LOCM)

Local.com Corporation (NASDAQ:LOCM)

Q1 2010 Earnings Call

April 22, 2010 4:30 pm ET


Ken Cragun – Vice President, Finance

Heath Clark – Chairman, Chief Executive Officer

Bruce Crair – President, Chief Operating Officer

Brenda Agius – Chief Financial Officer


[Wayne Chan – Cannacord Adams]

Jeff Rath – Cannacord Adams

Richard Fetyk0 – Merriman Curran Ford & Co.


Welcome to the first quarter 2010 Local.com Corporation earnings conference call. (Operator Instructions) I would now like to turn the presentation over to your host for today’s conference, Mr. Ken Cragun Vice President of Finance.

Ken Cragun

Good afternoon. It is my pleasure to welcome you to Local.com’s first quarter 2010 financial results conference call. With me today are Local.com Chairman and CEO Heath Clark, President and Chief Operating Officer, Bruce Crair and our Chief Financial Officer Brenda Agius.

The executive team will discuss our financial results for the first quarter 2010 and our outlook for the second quarter and updated outlook for full year 2010. At the conclusion of their prepared remarks, we’ll open the lines for questions.

I’d like to bring everyone’s attention that today’s comments include forward-looking statements within the meaning of Section 21A of the Securities and Exchange Commission Act of 1934 as amended. These statements are subject to risks and uncertainties that may cause actual results and events to differ materially from those expressed in the forward-looking statements. These risks and uncertainties will be outlined at the end of this conference call and they’re also detailed in Local.com’s filings with the Securities and Exchange Commission. Forward-looking statements made during today’s call are made only as of the date of this conference call we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.

Before turning you over to Heath, it is important that I mention that we use non-GAAP financial measures in evaluating our financial performance. Specifically, the non-GAAP financial measure of adjusted net income or loss, please refer to the press release we issued today for how we define adjusted net income or loss and our reasons for using that non-GAAP measure, as well as a detailed review of our first quarter results including the corresponding GAAP financial measures and a reconciliation of our non-GAAP financial measures to GAAP financial measures.

To comply with the SEC’s guidance on fair and open disclosure, we have made this conference call publicly available via audio webcast through the investor relations section of our website and a replay of the conference call will be available for 90 days after the call.

Today’s call features shortened prepared remarks in order to spend more time on the question and answer segment of the call. I’d now like to turn the call over to our CEO, Heath Clark.

Heath Clark

Thank, Ken. We had another strong quarter with record revenue and adjusted net income and expanded margins. In order to spend more time in Q&A I won’t review the data in the press release. Instead, I’d like to review our growth strategies across the company.

As you may recall we have three business units; owned and operated, our proprietary sites and traffic, network, which is third party sites and traffic and sales and ad services which represents our direct customers plus ads from partners such as Yahoo and Super Media among others.

O&O represents all of our owned and operated websites. In the past we reported only on the local.com site traffic, but from this quarter on we’ll include traffic from all sites that Local.com owns and operates.

O&O represented about 58% of our total first quarter revenue, about the same percentage as last quarter, and up in real dollars. Our slight decline in organic traffic was due in part to the seasonality of our non-SEM traffic sources which is counter cyclical to our seasonally strong first quarter SEM based traffic.

Our number one O&O goal this year is to grow organic traffic and to do that we plan to add more content to the site. We want to create locations on the web where consumers have confidence that they’ll receive plenty of options to do business with local vendors and make buying decisions based on data organized more usefully than on other local sites.

We have many projects well underway at this time and we expect to launch a handful of verticals in the second half of this year that are intended to appeal to our core demographic of soccer moms. These new verticals are expected to drive increased organic traffic once they launch, and in the meantime, we’ll continue on dialing up our overall SEO efforts.

Moving now to the network, first quarter network revenue was 28% of total revenue, down slightly from the prior quarters 31%, but again up in real dollars. Since all our regional media network traffic is organic, we experienced some seasonality in traffic during the quarter.

Despite this seasonality our network business continues to grow based on our four-step growth strategy; first, add new sites; second, add new products to each site; third, add more traffic for product, and fourth, improve ad yield per visitor.

We continue to look at ways to expand our product suite and work on improving our SEO side. Although our traffic was down slightly on a local syndication network, we nonetheless increased ad yield per visitor during the quarter. Our local distribution network XML product continues to perform well.

Moving now to sales and ad services, for the first quarter, SAS was almost 15% of revenue, up slightly from the fourth quarter due to acquisitions closed at the end of the fourth quarter and during the first quarter. We ended Q1 with over 48,000 direct customers, a record quarter end for us.

Our sales and ad services growth strategy is largely driven off additional customer acquisitions this year as well as adding new ad partners. We’re also working to expand our product range to facilitate this strategy and look forward to updating you on this progress is due course.

Our President and COO Bruce Crair will now provide color on the operational aspects of our business units and growth strategies.

Bruce Crair

This quarter we focused a lot of our efforts on developing new products, features and functionality for each of our business units. Let me give you some of the details. In the fourth quarter we launched two new verticals on our O&O properties; events and city info, and we plan on launching more verticals in the second half of this year.

In addition, we are investing in people and our platform to accommodate all these new capabilities. We are hiring in key areas to increase our technical, sales, marketing and product capacity and each of these hires is intended to enhance our ability to provide better products to our customers

In addition, we’re designing and implementing key enhancements to our search engine, ad-serving engine and the overall look and feel of our sites so that our end users will be able to find the key pieces of information they’re looking for more easily.

On the network side of our business, we’ve launched several new products for our network partners including category specific widgets that enable our regional medial partners to drive traffic to their hosted directory pages, thus providing greater monetization and more local information for their users.

In addition, as we launch our new vertical categories in our O&O business, we intend to offer some of this additional content to our network partners so they can take advantage of it as well.

We’ve already started to offer some of our network partners our ad feed for use across other parts of their site in order to better monetize them. We’re in trial mode with several regional media partners with these new ad feeds, and if successful, we plan to expand that program over the next few months.

We expect that this should expand and diversify our revenue, allow us to provide more products for our various partners and become a more valued partner to them.

In our sales and ad services business, we acquired 10,000 web-hosted subscribers to bring our total base to more than 48,000 at the end of the first quarter. We acquired up to 8,000 more subscribers this past week. We’re working diligently to develop new products and services to offer to these existing customer and anticipate that this will allow us to increase the average monthly revenue per subscriber, and the margin from those revenues.

Now our CFO, Brenda Agius will discuss our financial results.

Brenda Agius

Thank you to everyone that has joined us for our Q1 2010 earnings call. In the interests of time I have limited comparison of Q1 2010 results to prior periods.

Once again we had an outstanding quarter. In Q1 2010 we achieved record revenue of $18.6 million, adjusted net income of $2.6 million and finally with 400,000 more diluted shares outstanding, we realized $0.16 adjusted earnings per share. That’s $0.02 greater than the high end of our Q1 guidance.

In Q4 2009 we began reporting our revenue for each of the three business units and in Q1 2010; we begin reporting our direct costs associated with our revenue. We now have a cost of revenue line item within our P&L. The cost of revenue line item includes search serving expenses, traffic acquisition costs and transaction processing fees. Please refer to today’s press release for a more in-depth explanation of our allocated expenses which make up our cost of revenue.

Now to our expenses. Cost of revenue in Q1 was $10.8 million or 58% of revenue, down from 60.1% in Q4 2009. Sales and marketing expense in Q1 was approximately $3.1 million or 16.6% of revenue, down from 17.1% in Q4. General and administrative expense for Q1 totaled $1.9 million or 10.3% of revenue, again down from 10.6% in Q4 in 2009.

Research and development costs in Q1 were $1.1 million or 6%. This is consistent with Q4. Amortization expense increased in Q1 to $1.2 million. This is due to our two most recent acquisitions. Finally, during Q1 we realized $272,000 warrant liability charge and had a small state tax provision of $13,000.

Moving on to our adjusted net income, as previously mentioned we are pleased to report record adjusted net income in Q1 of $2.6 million or $0.16 per diluted share. As for cash and liquidity, the company added close to $1 million to its cash balance at March 31. This is after acquiring the subscriber base in February for $1.6 million in cash.

Finally, we are pleased to report that looking at Q2 2010 we expect revenues to be between $20 million and $221 million with adjusted net income of $2.6 million to $2.8 million, or approximately $0.16 to $0.17 per diluted share. This assumes 16.7 million shares outstanding and represents and 800,000 share increase quarter over quarter.

Due to the outstanding Q1 performance and positive Q2 outlook, we are increasing our full year 2010 revenue guidance from $75 million to a now expected range of $81 million to $84 million which at the mid point represents 47% growth year over year.

Thank you. I would now like to turn the call back to Heath.

Heath Clark

Thanks, Brenda. In 2009 we did $38 million in revenue with about 75 employees and this year we expect to more than double our revenue from that number with about 25 more people. Our average revenue per employee has increased from about $500,000 to over $800,000 per employee in that same time frame. We believe this speaks to the synergy and leverage we have across our three different business units.

I’d now like to turn the call over to Q&A.

Question-and-Answer Session


(Operator Instructions) Your first question comes from [Wayne Chan – Cannacord Adams]

[Wayne Chan – Cannacord Adams]

Could you talk a little bit more about some of the emerging trends and characteristics in the marketplace that you’re seeing that is leading you to raise guidance at a fairly good clip up to the $81 million to $84 million range which is about 12% plus above your last guide. And was the pace of the network traffic decline, it was down about 18%. Do we expect this pace to begin moderating? Can you talk a little bit about the benefits that reducing the traffic is?

Heath Clark

What we’re seeing broadly speaking is a pickup in advertising generally. I think others have said the same thing and as I’ve said in the past, we’re kind of the sharp end of the spear being as we’re in local search and so we’re seeing good ad coverage.

We’re also increasing our distribution although some of the traffic on the network was down, and I do attribute this to seasonality of Q1. It’s going to be seasonally quieter than Q4. Our other products have performed particularly well, so overall the network has grown.

But overall, broadly speaking, each of the business units is performing well. Our churn is within our model or lower which is good. It’s going to contribute to nice residual revenues for us, very predictable revenues so we have more confidence in those.

And we’ve got new products and services coming on line. We’re seeing good demand from our publisher partners for those products. We have a good pipe of deals on the network side of our business and with respect to contracts that have been completed but yet to be deployed, so we think we have pretty good visibility there.

And we have probably one of our largest projects to date on the O&O side which is related to expanding the content on Local.com and we have a high degree of confidence that as that content is deployed we’ll drive organic traffic. So it’s all of those things combined giving us a very positive outlook for the remainder of the year.

[Wayne Chan – Cannacord Adams]

In terms of the new verticals you mentioned to be launched in the second half, is there a number that you could quantify for us? What verticals are you thinking about and how did you arrive at targeting that vertical segment?

Heath Clark

We have given some examples in the past. We’re not going to specify them at this point for competitive reasons, but the orientation of the verticals are around our target demographic of soccer moms so if you think one of the things that soccer moms are wanting to do, there certainly is an interest in education from a standpoint of sending their kids to school versus educating themselves necessarily.

And there’s an interest in shopping of course, coupons has a role. There’s a variety of different aspect to the content that we’re going to put on the site that clearly commercial as we think about them, very local and oriented toward the soccer mom and how she tends to consumer or at least spend I should say the household income in the 20-mile region from her home.

We’re not going to spell out exactly which those verticals are, but the project as I mentioned is well underway and we’re looking forward to deploying this over the next five months, probably towards the end of the third quarter is where we start to see some significant enhancements to the site.

As I said it’s our biggest project I think in quite awhile so we’re excited about that and we’re seeing real good progress internally on that project.


You're next question comes from Jeff Rath – Cannacord Adams.

Jeff Rath – Cannacord Adams

Thanks for the incremental disclosures here. Can you help; as you start to give us more it inevitably leads us to more questions. Can you help us think about the traffic trends that you’re seeing across your different segments of your business more on a – to try and meter out the seasonal elements of the business. How would you describe traffic trends right now on O&O and networks on a year over year basis?

Heath Clark

Some of that is a little challenging because we’ve had significant pass on the network versus the year ago quarter. Here’s where I think I can give you more flavor. If you look at the O&O business unit, the majority of that revenue today, of the traffic I should say, is driven through search engine marketing and for us that’s counter cyclical to regular internet trends particularly in the mark differential between Q4 and Q1 which is why for us historically Q1 has been our largest quarter.

Conversely, traffic generally is going to be generally softer in the first quarter as it relates to local search and spending as it constitutes coming off the high fourth quarter basically for the remainder of our business. So we’ll see that over time, we’ll see actually as we expand our SEO and paid traffic, whether it’s on our site or on our network, expand as a percentage of our overall revenue, probably has seasonality that’s more reflective of your typical seasonality, but it’s the Local.com piece that’s counter cyclical right now.

And again, as you look at the network piece of the business, we expect that to generally follow in that trend where it it’s best quarter will probably be the fourth quarter of each year.

Jeff Rath – Cannacord Adams

So you’re not given the moving parts here, you can’t give us some general trends as overall traffic trends on a year over year basis?

Heath Clark

Actually for the entire business, the first quarter was record traffic again over Q4 overall, or close to that. Year over year – hold on one second.

Jeff Rath – Cannacord Adams

Maybe it’s on your press release here. Maybe I missed it.

Heath Clark

It’s almost record traffic. Year over year Q2 2009 totaled $60 million for the quarter versus almost $63 million for Q1 2010.

On O&O it went from about $37 million for the quarter Q1 ’09 to $47 million, so significant growth, and then the network is down slightly from Q1 versus the year ago period.

Jeff Rath – Cannacord Adams

Off of those traffic trends as it relates to continuing to improve overall monetization, and clearly you’ve done an exceptional job in the last five or six quarters. How do you feel about the leverage still left? You’ve articulated the traffic strategy around your O&O and I guess we’ll wait to see how that rolls out. But if you look at your core business as it stands today, is there any way you could articulate the room that’s left in your monetization capabilities there?

Heath Clark

In terms of the RKV number, the RKV numbers for Local.com as a standalone site and it actually ticked up again, and when I say again, it bounced around a little bit as we know during 2009, but it’s back up a little bit in the first quarter which is indicative of the overall online generally has performed pretty well.

Jeff Rath – Cannacord Adams

I guess what I’m looking for is I saw you renewed a large advertiser deal there. I’m just wondering as you see these across your business can you articulate what type of room you have to drive I guess in this case RKV’s higher?

Heath Clark

What’s driving RKV is a combination of basically greater ad coverage which is an expansion of either relationships we have or expansion of the number of relationship providing that coverage. It’s greater revenue share per whatever the ad metric is, whether it’s per click or per call or for CPM’s and so on. It’s a combination of those as well as adding our own direct advertisers to the site.

So we believe that we have – from this point we have upside. I can’t tell you what that number is. I’ve said in the past that over time we think RKV on the site could significantly exceed where we are today, and we still believe that.

As I mentioned in the past, one of the goals for us is to take those customers that we are acquiring and ultimately transition to ad products that we serve on Local.com and that will greatly influence the RKV on a go forward basis.

Historically, our RKV has gone from about $40.00 or $50.00 to over $250.00 in large part driven by the growth in online advertising so we’ve got two big drivers which is an uptick in online advertising results and an uptick in RKV for monetization for us.

Combine that with transitioning some of the customers that we’re acquiring into online ads and the expansion of online ads that we serve on Local.com that should have a significant upward pressure on RKV and therefore margin.

Jeff Rath – Cannacord Adams

You talked about expanding your content or your O&O traffic via a content strategy. How should we think about that as it relates to the impact on your financial model? Are you comfortable that – is there a step function of costs coming in as you start to invest more heavily on the content side of these verticals or is it something you feel comfortable is manageable within the current model that we’re working with right now?

Heath Clark

Let me tell you where we sit philosophically. Our goal is to ensure that we don’t go backwards in terms of our adjusted net income, so we’re managing our spend in terms of the investments that we’re making in the areas that Bruce touched on, the content, the engineering, the product development and so on.

We’re managing that very, very closely. We don’t want to see profits dip as a function of the investments that we’re making. So those investments are actually reflected in part in Q1. They’re mostly reflected in our guidance in Q2. There will be some flow into Q3 and what you’ll see – what we have is a peak toward the end of Q2 and the beginning of Q3 in terms of the number of people who are working on these projects; a lot of consultants coming in to help us out.

That’s baked into the numbers obviously that we’ve given you, and that actually winds down quite a bit and goes to maintenance mode as we kind of exit Q3. So what you’ve got right now is all of that baked in, as we understand it today.

Jeff Rath – Cannacord Adams

Relative just to the share count outstanding, you’ve given some granularity, but you’re also talking about a share count increase on a diluted basis by about 800,000 shares. Can you walk us through what’s driving that?

Brenda Agius

It’s really simple. It’s really the increased stock price and stock performance. It’s nothing to do with performing exceedingly well. The 400,000 share increase that we previously projected in Q1 was basically due to the increase in stock price. We had projected an average stock at $5.50. The actual stock price for the quarter was $5.96. We’re projecting an average stock price of X in Q2 which is increasing us 800,000 shares outstanding.


You're next question comes from Richard Fetyko – Merriman Curran Ford & Co.

Richard Fetyko – Merriman Curran Ford & Co.

As we look into second quarter are you projecting pretty significant increase in revenue, I was just curious what’s going to drive that, whether it’s traffic, whether it’s some of the acquisitions you’ve made and RKV increases, and then similarily for the full year you increased the revenues again. What give you that level of confidence, visibility and what do you expect to drive that revenue growth 47% at the midpoint between traffic growth and RKV growth and acquisitions and perhaps within the individual three segments perhaps which one of the three, how would you rank them in terms of revenue growth contribution?

Heath Clark

We’re not giving guidance by the business units, as you can see from Q4 to Q1, they’re broadly about the same. The sales and ad services grew specifically because we did two acquisitions. So the guidance that we’re giving doesn’t incorporate anything more than the acquisitions that are done.

Obviously we filed on this morning, but basically the guidance as we sit right now incorporates acquisitions that we did, but not any planned acquisitions. Broadly speaking, as I mentioned earlier, what we’re looking at is increased traffic overall. Some of that is going to be SEO. We’re working real hard to improve that. We want that blend to be a larger component of our overall traffic mix, and increased monetization overall and expansion of the number of sites on the network, and increased monetization of those sites.

We’ve gone from 750 sites in the last quarter to 800 so that’s going to grow the network business. But to be fair, I think it would be reasonable to assume that it’s going to grow fairly evenly across those business units given that we went from Q4 to Q1 fairly evenly as well.

Richard Fetyko – Merriman Curran Ford & Co.

In terms of small business advertiser signups, you ended the quarter with about 48,000. Any update on changes of strategy with regards to small business advertisers to organic ways, call centers or would you consider acquiring companies that perhaps have a strong local sales forces. Just curious if there’s any update on this strategy on that point.

Heath Clark

We continue to evaluate, I call it more the manual process where we’re acquiring customers through sales channels one customer at a time versus acquiring flocks of customers. As we said in the last call, we kind of dialed some things up with some call centers via our partner relationships and we continue to track those pretty closely and it’s really, things have been going fairly well with that and we’re trying to determine whether that can be cranked up even higher.

And those are kind of everyday processes. As far as any change in strategy, no. We think it makes the most sense to acquire customer blocks and we look to continue to do that. There are other certainly blocks of subscribers that we think we will acquire this year. We see a steady stream of those and if they fit our criteria, we can do them fairly easily.

Our main consideration is in that is does it fit and does it continue to track to our financial models and so far, they’ve all done very well in this regard and we’re pleased with that. So as a consequence, we’re committed to continuing to do that.

We are most focused at this point on – are we interested in acquiring customers that have feet on the street sales for business, sales on the street sales forces, we haven’t spent a lot of time looking at businesses like that. We’re most interested in businesses that have an efficient sales channels and whether that involves feet on the street depends on the business.

But most of the ones we’re seeing typically do not involve feet on the street, so it’s not something where we spend an enormous amount of time on. We do spend time on figuring out or looking whether there’s businesses out there for acquisition that have an established customer base and an established way of acquiring those customers and certainly we’d have a lot of interest in those.

Our biggest interest right now is in developing products or services that we can begin to transition our current customer base to in order that we can increase the average revenue per unit per customer and we can serve them on our own platform, and therefore recognize more of the revenue. That’s mostly where our focus is in other than acquiring other customer bases.

Richard Fetyko – Merriman Curran Ford & Co.

On the ad feed that you have a couple of trials going on with some network partners, in this business can this business get material if you get a decent amount of the ad network that you have currently, the 750 or 800 sites. Would this ad fee product actually move the needle for you do think and what are we looking for in terms of the trial results that would give you green light to go forward? Is it the quality of traffic that you get out of there or what are the outcomes that you’re looking for to move forward with that?

Heath Clark

Part of our growth strategy for the network is to add new sites and then add new products to each site. So consistent with that adding new ad products to those sites is another way to add product so what we’re looking to do is, if you think about our publisher network today, we host and provide basically on the local syndication network side, regional media publisher network, we do all the work. We provide all the content. We get it SEO’d and so on.

In this instance, we’re looking to publish those ad feeds across other areas of their site to help monetize the other traffic that they get. And remember, if you notice, about 98% to 99% of our traffic on our local syndication network comes from SEO. It doesn’t really drive through from their site.

So the ability to open up the rest of the sites I believe could be material and could move the needle depending on adoption and maybe Bruce can talk a little bit more about how we’re doing it.

Bruce Crair

I think the other piece that we’re trying to do is as Heath mentioned, is trying to get more products across those partners. The key here is that the more products, the more content the more capabilities we can provide our products, the more engrained we get into their business and as a result we become more and more vital to them to continue to succeed and that’s part of what our focus is over the next year.

Richard Fetyko – Merriman Curran Ford & Co.

In terms of what would constitute a successful trial, what are we looking for here, is it the quality of traffic they can deliver?

Heath Clark

Actually we don’t, the quality of the traffic is really good because it’s almost all of it is organic because we’re going to large publishers. The key to the success of this trial will be can we provide ad feeds to them that make them equal to more money than they’re currently getting on whatever their sites have on them, and we work very closely with these particular partners to make sure that the ad feeds we’re providing are very germane to those specific sections of their site where we’re providing it.

In other words, those sections of the site that are ideal for a search kind of or local search kind of ad feed, and if we can provide that, it’s going to be mutual. Can we provide better revenue and margin for them than they had before? It’ a success.

Richard Fetyko – Merriman Curran Ford & Co.

What do you think we can compete against there?

Heath Clark

There’s a number of different places we compete there. Mainly those sites, we work with them to say, you know you really should have a local ad feed on here and they don’t, and they didn’t realize it, so we’re providing ad feeds that they didn’t have.

And in some cases, we are complementary to an Adsense or to a Yahoo feed where they will have both ad feeds on the page but in different places.


There are no further questions at this time. I would like to turn the call back over to management for closing remarks.

Heath Clark

Thanks for being on today’s call. I’d now like to turn the call back over to Ken for final disclosures.

Ken Cragun

This conference call contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Words or expressions such as anticipate, believe, estimate, plans, expect, intend, project, forecast, feel and similar expressions and phrases are intended to identify such forward-looking statements.

Any forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to our management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors including but not limited to our ability to monetize the local dot.com domain, incorporate our local search technologies, market the local dot.com domain at the destination for consumers seeking local search results, grow our business by enhancing our local search services, increase the number of businesses that purchase our subscription advertising and other business products, expand our advertiser and distribution networks, operate multiple business units, integrate and effectively utilize our acquisitions technologies, develop our products and sales, marketing and finance and administrative functions and successfully integrate our expanded infrastructure as well as our dependence on major advertisers, competitive factors and pricing pressures, changes in legal and regulatory requirements and general economic conditions.

Any forward-looking statements reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations and growth strategy and liquidity. All subsequent written and oral forward-looking statements attributable to us or person acting on our behalf are expressly qualified in their entirety by this disclosure.

Unless otherwise stated, all site traffic and usage statistics are from third party service parties engaged by the company. Our annual report on Form 10-K, recent current reports on Form 8-K and other Securities and Exchange filings discuss the foregoing risks as well as other important risk factors that could contribute to such difference or otherwise affect our business, results of operations and financial condition.

The forward-looking statements made on this earnings call speak only as of the date they are made. We undertake no obligation to revise or publicly update any forward-looking statement for any reason.

This concludes our call for today. Thank you for your interest in Local.com.

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