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Here’s the entire text of the Q&A from ValueClick’s (ticker: VCLK) Q3 2005 conference call. The prepared remarks are here. We recognize that this transcript may contain inaccuracies - if you find any, please post a comment below and we’ll incorporate your corrections. And please note: this conference call transcript is a Seeking Alpha product, so feel free to link to it but reproduction is not permitted without the explicit permission of Seeking Alpha.

Q&A

Operator

Thank you, gentlemen. Operator Instructions We'll pause for just a moment to assemble our roster. First going from Piper Jaffray, we have Aaron Kessler.

Q - Aaron Kessler

Great. Thank you guys. Good quarter. A couple of quick questions for you. One, can you give us a couple of examples, you talking about the cross on a couple of examples how you're seeing that play out with some of your, some of your clients and also just to give us a update on how the integrations are going maybe for the FastClick and Web Clients acquisitions. Thank you.

A - James Zarley

Yeah. Thanks, Aaron. First, if you take a look, we won't mention the name, but if you take a look at the top 25 advertisers that we have today, several of those advertisers and I mean say a half a dozen or so are traditional offline advertisers that have come into the online space. So we're seeing more and more of that. And while they have been tradition branding oriented sites they're looking for performance-based advertising solution to generate leads. So we think that will continue to grow through 2006. So far as the FastClick and ValueClick integration, I think it's going terrific, frankly. We did not anticipate that we'd be able to take the cost out as quick as we could, number one. That was done virtually in the first couple of weeks at the level that we had anticipated. But as far as the personnel are concerned, which is the more important part, we just couldn't have asked for a better cooperation between the teams on both sides. And we think that there's a very high energy, a number of the folks at FastClick are very talented, have been in the business for a number of years and have assumed certain leadership positions within ValueClick media as well. And some of these folks have worked together before. So, it just, I think that in conjunction with the fact that they're based in Santa Barbara virtually across the street from our Commission Junction operation, that there's just a good held chemistry amongst the people which is always the most important part in these integrations.

Q - Aaron Kessler

Great. And one quick follow-up if I can. On the '06 guidance, does that imply and gross margin improvement from FastClick and how confident are you that we can see those margins improve?

A - James Zarley

You mean in 2006, Aaron?

Q - Aaron Kessler

Right. Correct.

A - James Zarley

Yes. What we're building into our model is that there'll be over the course of 12 months a 10% increase in gross margin. And it's a little bit early to tell just how quick we can do it but we are seeing some improvement in that area right now. And we'll probably see are little bit in the fourth quarter. But I think you'll just see it progressively that first 5% will probably will be the easiest that you'll see that probably through the first quarter or so of 2006. The second 5% will be more difficult. And I would expect that to happen over the following three quarters.

Q - Aaron Kessler

Great. Thank you.

Operator

Next with a question we have Kyle Evans with Stephens.

Q - Kyle Evans

Hey, guys. Nice quarter.

A - James Zarley

Thanks, Kyle.

Q - Kyle Evans

A couple of questions related to one you just got there. Can you detail for us how you're going to get those 10 percentage points of margin improvement in the FastClick business? And I've got some follow ups, too.

A - James Zarley

There are several ways of doing it. And let me first say that we're not going to wholesalely go out and change the economics to the publisher. We think that's pretty important that we do not want to lose this valuable publisher network that FastClick has built. But there are several things that we can do in the area of performance through the lead generation side, primarily, both with Web Clients and our high speed media division but also with the lead generation that we have at ValueClick where we think we can improve the kind of conversion rate and continue to pay the publisher an equivalent amount of money that they've been making but yet at the same time increase our margins.

Q - Kyle Evans

Okay. Second question, on affiliate marketing segment, last quarter you talked about maybe a normalized gross margin there, maybe 80, 85% and we ticked up again. Have your thoughts changed on that at all?

A - Sam Paisley

Not really.

Q - Kyle Evans

Okay. Lastly, on PriceRunner, could you talk a little bit about what the organic trends have been over in Sweden and the U.K.? I know they were both pretty high numbers when you guys acquired the business and also talk about maybe where you are in terms offer organic traffic here with the site in the U.S.? Thanks.

A - James Zarley

Yes, Thank you, Kyle. The organic growth in Europe has been at the rate of about 70% year-over-year. And here in the United States, we have a great package of content that has been built here and we think that the differentiator for us here in the United States and in Europe, for that matter, the fact that we are always listing the lowest price, which is different from anyone else that's in our space. That's probably also one of the contributors to being rated number one by PC magazine in this past edition. But the challenge that we have there is the same challenge that everyone has, and that's getting the most amount of traffic to that site in the shortest possible time. We are utilizing all of our divisions today to help do that. And you can see month over month, even though we've only been really open for the last four months, but month over month you're see we are seeing a significant growth in that area. We're also seeing that people who visit our site are coming back to it, which is an indication that they're book marking and coming back and using the site time and time again. So it's still low or small as far as volume here in the United States. But we're really optimistic about our ability to scale it and grow it over the years.

Q - Kyle Evans

And of the traffic that's coming in in the U.S., I would assume the overwhelming majority of that is being acquired through search engines or through your own, there's very little organic traffic coming in the U.S. versus maybe Sweden and the U.K.?

A - James Zarley

That's correct. And most of it is either internally utilizing our own traffic that we have and diverting it to PriceRunner or acquiring, as you say, acquiring search.

Q - Kyle Evans

Okay. Thanks.

A - James Zarley

Okay.

Operator

Next coming from Craig Hallum we have Eric Martinuzzi.

Q - Eric Martinuzzi

Thank you guys. Gentlemen, you guys are making it look easy. The question has to do with the phenomenon within your media network. You've got 6,000 publishers from ValueClick media, you got 9,000 from FastClick. I understand a handful of sites are going exclusive with you. Could you talk to the phenomenon that's driving that, whether it's a push or a pull? And then the second question has to do with 2006 how we think about the seasonality of your business given FastClick and Web Clients?

A - James Zarley

The second part of that again, Eric, about seasonality?

Q - Eric Martinuzzi

Yeah. You've given guidance for 2006 on a quarter by quarter basis your business is now skewed more towards the media side. Which quarter shall we be expecting to be seasonally stronger than the others?

A - James Zarley

I would say in that vein, that fourth quarter has always been the strongest, Eric. I would say that will continue to be that way. The third quarter and the first quarter have always been close in comparison. The second quarter has always been probably our most challenging quarter.

Q - Eric Martinuzzi

Okay.

A - James Zarley

And as far as the network is concerned, if you look at ValueClick network and the FastClick network, they are quite a bit different in that FastClick has done a wonderful job of building a very robust network of websites that are small, medium websites, much the way ValueClick did in its opening years of business. In fact, ValueClick has done, we believe, a great job in building a network of some of the larger sites. And if you look at the two, there is some overlap but not a great deal of it. So we believe that with this combination we're really positioned to both deliver the branding type of campaigns that our advertisers are looking for but also deliver on the lead generation type programs that advertisers are looking for that we've been talking about.

Q - Eric Martinuzzi

My question had more to do with a handful of folks going exclusive with you guys as the ad network provider on their sites. Can you talk to that at all?

A - James Zarley

You mean about the number or about the fact that ...

Q - Eric Martinuzzi

Just the phenomenon. Is it people saying we like what we're getting from ValueClick and we want more of that, or we want to simplify the process, we want to outsource the process, we don't want to have our own internal force? That's what I'm...

A - James Zarley

Yes, I think, Eric, there are two things going. Number one we've really focused on going out and finding those relationships. But more importantly where we have been able to enter into those kind of relationships we've been able to produce for those sites and they have experienced a significant uptick in what we've been able to provide versus what they were doing on their own.

Q - Eric Martinuzzi

I see. Okay. Thanks.

Operator

Moving on now we'll take a question from Imran Khan with JP Morgan.

Q - Imran Khan

Yes. Hi, it's actually Imran Khan. A couple of questions. First if you could talk a little bit object comparative landscape if you are seeing any larger players or any other startups getting traction in the marketplace. And secondly if you could talk about what differentiates your display networks from others in the space, how do you differentiate your product? And then with regards to FastClick could you give us some color like first what kind of revenue and EBITDA you are expecting from FastClick for next year? Thanks.

A - James Zarley

Imran, as far as breaking out FastClick next year, we're not. But I would say this, that in putting the FastClick budget together along with the media side, one of the reasons we're not splitting it out because they are really becoming one virtually every day since we've come together. But one of the things that was in FastClick's number for 2006 that was significant was the search engine marketing revenue and if I recall somewhere in the range of 17 maybe to 18 million in revenue. And that was on an gross basis with gross margins in the range of maybe 20 and 25%. And we see that more as a service product. We're going to count it on a net revenue basis. But more importantly we think that that won't be a major part of our focus. We'll be able to utilize it as a product. We're glad that we have it because we'll be able to utilize it at Mediaplex and we'll be able to utilize it in Commission Junction where we currently are providing search engine marketing searches. But as a free standing product I don't anticipate that we're going to put a organization together to go out and just sell that service as a stand alone product.

A - James Zarley

Could you remind me what the first part of the question was?

Q - Imran Khan

Yes. The first question was like how does your display ad network is differentiated than your competitors in the marketplace? And I was also wondering if you could give us an update on the competitive landscape. Have you seen any larger players do in-turns in this market or anything in the competitive landscape has changed? And I had an follow-up question on the FastClick. I was wondering, you talked about $4 million cost saving. Can you give us a update on the cost savings? Are you saying that you can save because I think Jim, you talked about like you have a good progress on savings and integration, I was wondering if you are expecting to have more than $4 million cost savings now. Thanks.

A - James Zarley

Yes. We expect the cost savings to be more in the range of 5 million where we have set when we did the acquisition that we thought the cost savings would be somewhere in the range of 4. And we pretty much have achieved that number already. So now, as far as the competitive landscape and people coming into our market, we worry about it every day. But we're not seeing a significant threat today of people coming in and other than the normal folks who've already been out there. But we haven't seen any of the larger players coming in and really competing for the small, medium web sites that we represent around the United States and throughout Europe.

Q - Imran Khan

Great. Thank you for your time.

A - James Zarley

Thank you.

Operator

Next with Hoefer Arnett we have Martin Pyykkonen.

Q - Martin Pyykkonen

Thanks. A couple questions. If you take the FastClick part of it out of the equation on gross margin, I'm just curious on the media business prior to FastClick and affiliate marketing as you look into 2006, even if it's not a quantitative guidance comment just directly where gross margin might be headed. Obviously over the last several quarters that's been up kind of nicely in somewhat step function fashion. I'm just curious where you see that going and kind of tied into that is a pricing question if you anticipate getting a good delta between what you can charge the advertiser and what you're paying out to the publishers. And then a second question on the competition, one of the groups that has basically done nothing to speak of in the online world has been the offline ad agency companies I'm just curious if you're seeing anything from that group trying to build a group winning those companies organically essentially the four major offline ad agency holding companies. If there's anything new on that front. Thanks.

A - Sam Paisley

Yes. In terms of the margin expansion, a good question, Martin. We haven't really seen expansion in margins. And in terms of the plan that Jim mentioned earlier, we do plan to see a improvement in the margins we're able to generate in FastClick. But as we mentioned before, when we see improvement in pricing in the market, we generally like to pass along that improvement to the ad networks so the members of that ad network become loyal and stay with us. So generally we have not experienced margin expansion in either affiliate marketing or the media business. And our plan doesn't really count on that aside from what we expect to do with the FastClick team.

A - James Zarley

And Martin, on the second part of your question, more and more of the traditional ad agencies have an online initiative. And currently today, it probably represents better than 50% of our total just pure media ad placements. So they are all pretty heavily involved in this segment right now.

Q - Martin Pyykkonen

Okay. And then one quick follow-up, your notable large customer on affiliate marketing that changed their payment structure to their affiliates. We're a couple months past when they announced that and I guess a month or so after it was enacted. Any notable difference in terms offer your business as a result of that? Or is it fairly neutral at this point?

A - James Zarley

Yes, Martin, yes, I'm surprised we got this far down the list before that question came up. We expected we were taking a little pool here and we thought it would be in the first question. We've met with our customer and have really kind offer worked through this with them. We don't anticipate any significant change. But it's still early in the game it just really took effect the first of October. But I think from our standpoint we don't anticipate a large variance in what the revenue would be for the quarter.

Q - Martin Pyykkonen

Okay. Well, maybe it'll and higher question on the January call.

A - James Zarley

I think probably so.

Q - Martin Pyykkonen

Okay. Thanks.

Operator

Moving on to Stewart Barry with ThinkEquity.

Q - Stewart Barry

Good afternoon. I have an few questions. Because historically we've enjoyed ValueClick outperforming the overall online ad industry and even in the second quarter your organic growth rate was 44%. This quarter it's 30% and in terms of your outlook it's now 21%. Are you being conservative? Is it possible these acquisitions are diluting your core growth rate? That's question one. And then, two, in terms of lead generation I definitely agree with you that opportunity and demand from marketers has been to cue it. I guess my question is what systems do you have in place to ensure that you're delivering high quality leads? Cause we've seen some other models out there. There's been sort of a retraction or push back as marketers discover that the leads being delivered aren't plausible customers.

A - James Zarley

Yes, Stew, two things. Let me answer the last part of your question first. I think the feedback that we are getting and some of the research that's being done by some of the outside independent research firms have come back and shown us that we are converting very well. The fact that our customers are also renewing is a pretty good indication that we're converting very well. And we're getting that direct feedback from the clients themselves telling us that the leads that we're generating for them are converting either to a high quality lead or to a sale itself. So I'm feeling good about that. And the first part of your question in response to the growth rate, last year we put out some early indicators as to what we saw in 2005. And I think we probably did increase our outlook on several occasions throughout the year. But we just completed the business planning process. And there are a couple things in our product line that don't have the traditional 30% growth that we've been averaging. That's our technology and our e-commerce businesses. But they're a relatively small part. If you look at the rest of our business in lead gen and affiliate marketing, comparison shopping, they're all growing at much higher rates. But we hopefully are being a little conservative. I don't want to stick my neck out in saying that I think we're going to do 30% growth next year. I think that what we're seeing we're trying to be realistic and trying to give the best guidance that we possibly can and then hope that we can increase it just like we did in 2005 as the year goes through. But we've been asked this question several times as to what our thoughts are about 2006. We have gone through a process with all of our leaders of the various divisions of our business. And this is kind of our first brush at what we are seeing next year. Although hopefully we are being conservative. I would like to think that. And that we certainly wouldn't want to put out a number that we think we can't make. So I would hope that there is some upside next year. But this is the best that we see right now.

A - Sam Paisley

You know, one thing I'd add to that, Stewart, is that Jim and I talked in the early part of the call about growth rates being at around 29% for affiliate marketing. And that was on the segment information. If you take a look at that from the standpoint of worldwide product line that growth rate is more like 31%. And as Jim alluded to earlier, the organic growth rate in media for the quarter was about 32%. And what that means is that technology was still growing and our overall from an international perspective at single-digit rates. And that's pulling down the overall company average an bit. But again, growth rates in the range of 31 to 32% for both affiliate marketing and media and just wanted to mention that some of the slower growing areas in media include e-commerce. You know, it's an area that's small but it's also an area that for us is growing a little bit more slowly than some of the other areas.

Q - Stewart Barry

Sure. Well, thank you very much.

A - James Zarley

Okay.

Operator

Next up from Jefferies and Company we have know have Noved Khan.

Q - Youssef Squali

Yes, hi, guys. This is actually Youssef Squali. So a few questions. First of all, if I look at your gross margins of 72%, that's somewhat high this, I guess, considering that you guys had Web Clients and E-Babylon for the full quarter on your previous call I think you had guided to margins lower than that given the fact that both Web Clients and E-Babylon carried lower margins than your traditional business. And second, what is the implied gross margins the implied gross margin in Q4? So that's the first series and I have a follow up.

A - Sam Paisley

Okay. There is one thing that's more of a technical part of the answer to this question, Youssef, in that last quarter we didn't really have Web Clients in our results. And as we got underneath the hood in terms of the accounting classifications, on a number of their costs, we concluded that there was probably a bit more of their costs that was appropriately classified as marketing and selling expense and a bit less of their cost that was appropriately classified as cost to revenue. And that does have an impact on the margins recognized in the quarter and explains a fair amount of the deviation between what we had originally seen in analyst consensus guidance and what we actually brought in the quarter. And I think obviously somebody pointed up earlier that we had higher than expected margins in affiliate marketing in the U.S. segment, if you will. And I wouldn't count on a continuing margin expansion in affiliate marketing.

Q - Youssef Squali

Can you quantify that delta? The reclassification?

A - Sam Paisley

No. I don't have detailed numbers in front of me but it does represent a fair amount of the difference between what was in the consensus estimates and what we actually reported. And then the rest, there were some favorable performance variances, not the least of which was affiliate marketing. But a fair amount of that delta was associated with this reclassification. And obviously, since that's a part of the GAAP, appropriate GAAP treatment, that will continue through next year's guidance.

Q - Youssef Squali

And what's the implied gross margin for Q4?

A - Sam Paisley

It'll be slightly less in the range of probably about 65, 66%. But that's based primarily on the fact that we'll have a full quarter of FastClick in the fourth quarter and we had no inclusion of FastClick in the current quarter.

Q - Youssef Squali

Okay. No that makes sense. And on that, when you look at that 10 percentage points that you guys are looking to grow that line item by next year, is that primarily coming from just a lower web share to the partners from FastClick historically paid about 65% where you guys paid more like 50. How much of the 10% is just kind of that versus just other scale or increased scale in other line items?

A - James Zarley

Well, I think, Youssef, that hopefully it's not in giving the publishers less. What we're hoping is that we can continue to pay the publishers what they're getting in terms of raw dollars but that we can improve the quality of the traffic or not the traffic but the improved equality and the amount of the advertisements that we're sending through so that they can continue to get their dollars and at the same time we can increase our share by leaving them with the same spread.

Q - Youssef Squali

Okay. Then lastly, FastClick generated historically somewhat, 30%, maybe a little less from pop enders and you guys have historically had much less exposure to that. Is there much cleaning that needs to be done from your perspective in FastClick either in terms of traffic or advertisers?

A - James Zarley

When we first really got to know FastClick their pop-ups were in the range of like 90%. Remember I was saying at this point we wouldn't have been interested because we felt that that was going to be a challenge. They got it down to that 30, 35% range and are continuing to go drop that number. So we would expect that that number will continue to fall. But then when you put it into the mix of our total business next year, it's going to be pretty insignificant.

Q - Youssef Squali

Okay. That helps. Very nice quarter.

A - James Zarley

Thank you.

A - Gary Fuges

Operator, we have time for one more question, please.

Operator

And that final question will come from William Morrison with JMP Securities.

Q - William Morrison

Hi. Thanks. On kind of along the same lines on FastClick I was wondering if you could update us on a unduplicated reach. I know you said you think you're kind of around the range of the leading portals when you combine FastClick with ValueClick. I notice that FastClick's uniques according to ComScore fell off pretty dramatically in September. So I was just wondering if you could give us first a unduplicated reach or unique visitor number for the two networks? And then secondly I believe FastClick had maybe let's say 25, 30% of their network that was going unsold and was curious about how what percent of their inventory today is unsold, how much are you planning to sell-through across your network going forward? And how much of that is in your guidance?

A - James Zarley

Why don't you take the first part and I'll take the second part?

A - Sam Paisley

Okay.

A - James Zarley

I want the easy part, Bill.

A - Sam Paisley

In terms of the 25%, we still believe that to be a real opportunity. And we want to make sure we do that in a fashion where it's appropriately targeted and that the inventory works out to be quality inventory generating quality results for the advertiser. So it's a little early on to say how productive we're being there but we still continue to believe that that's an opportunity.

Q - William Morrison

Okay. Great.

A - Sam Paisley

What do you want to do?

A - James Zarley

I was going to add to that, Bill, what we believe that there is a pretty significant opportunity when you start combining the sales force of these organizations and some of the things that are going on right now where the ValueClick sales force along with the FastClick sales force are selling the full breadth of all the products, not just that all of our lead generation products through Web Clients and high speed media. So I think that we'll be able to utilize the remaining part of that network pretty efficiently, especially here in the fourth quarter.

A - Sam Paisley

I'm sorry, Bill, I think that Jim meant that he wanted me to answer the first part of your question, not the second part.

A - Sam Paisley

On the unduplicated reach, unfortunately for now I don't have any updated numbers for you. I can tell you that since we have both a FastClick team that works with ComScore and has been working with them independently as a self-standing company and a different team within ValueClick as a part of the integration activities, they're now collaborating and they're in the midst of having a discussion with ComScore to make sure that the internal numbers from both teams are able to be reconciled or consistently square with ComScore. And that's going to take a little bit more time for us. So, you're going to have to wait a little bit for an update on the unduplicated reach number. But it's coming.

Q - William Morrison

Okay. One last question, Jim. I can't let you get away. This would be the first call in several years if someone didn't ask a question about potential acquisitions. And I guess I just would ask you do seem to have a much, much fuller breadth of services under your umbrella now. If you could just maybe talk about are there any holes in your service portfolio that you see, or any other individual areas that you might be targeting over the next year or so to enter, whether that's through acquisition or through building your own service internally?

A - James Zarley

Yeah, Bill, I think that on the M&A side that we do have an pretty full suite of products right now that are serving us well. There could be some additional integration of these channels that we are currently in, for instance either affiliate marketing or comparison shopping kinds of things. Although we're going to put Sam on ice for awhile because we've got our hands full in putting Web Clients and FastClick together and frankly, there are a few other opportunities that are outside the U.S. that we would really like to pursue. We talked about China I think in our last caller and we are going to look into expanding into that market. But we also have some additional markets with affiliate marketing comparison shopping especially in other parts of Europe. We are, as you know, currently in Stockholm, and that's the home base of our comparison shopping product. We believe that that probably is going to be the next expansion for us for Commission Junction, given that we can utilize the English speaking site and that we currently have bricks and mortar in that area that we can and an organization that we can utilize. So I think that that's probably our focus throughout 2006. But now that I say that Sam will come up with something next month and change everything I've just told you. But I think right now, seriously, that we really need to focus on making Web Clients and FastClick, bringing the real scale that we think that brings to our media. And it really gives us a opportunity to put all of these products together in a very cohesive way.

Q - William Morrison

Thanks a lot.

James Zarley, Chairman and CEO

Okay. Thank you. Okay. I'd like to thank everyone for joining us on the call today and look forward to talking to you again in the first quarter of 2006.

Operator

Thank you again for participating in today's ValueClick third quarter conference call. A replay of today's conference will be available beginning at 4:30 p.m. Pacific Time today by dialing 888-203-1112 or 719-457-0820. The access code for the program will be 3526974. This replay will be available through November 8, 2005. Thereafter the call can be accessed on ValueClick's website at www.valueclick.com. Thank you and have a good day.

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