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0001193125-10-184060.txt : 201008100001193125-10-184060.hdr.sgml : 2010081020100810060754ACCESSION NUMBER:0001193125-10-184060CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:26CONFORMED PERIOD OF REPORT:20100810ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20100810DATE AS OF CHANGE:20100810

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:LOOKSMART LTDCENTRAL INDEX KEY:0001077866STANDARD INDUSTRIAL CLASSIFICATION:SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]IRS NUMBER:133904355STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-26357FILM NUMBER:101003350

BUSINESS ADDRESS:STREET 1:55 SECOND STREETCITY:SAN FRANCISCOSTATE:CAZIP:94105BUSINESS PHONE:4153487000

MAIL ADDRESS:STREET 1:55 SECOND STREETCITY:SAN FRANCISCOSTATE:CAZIP:94105

8-K1d8k.htmFORM 8-K

Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August10, 2010

LookSmart, Ltd.

(Exact name of registrant as specified in its charter)

Delaware000-2635713-3904355

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

55 Second Street

San Francisco, CA 94105

(Address of principal executive offices, with zip code)

(415) 348-7000

(Registrants telephone number, including area code)

Check the appropriate box below if the Form8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of thefollowing provisions:

Written Communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item7.01.Regulation FD disclosure.

Beginning on August10, 2010, the chief executive officer and chief financial officer of LookSmart, Ltd. (LookSmart orthe Company) will use the presentation materials furnished as Exhibit99.1 hereto, in connection with a series of investor presentations.

Information being furnished herein in Exhibit99.1 with respect to such investor presentations includes selected financial andoperational information through the second quarter of 2010 and does not represent a complete set of financial statements and related notes prepared in conformity with generally accepted accounting principles. These investor presentation materialsare dated August10, 2010, and the Company does not undertake to update the materials after that date. The investor presentation materials include safe harbor language pursuant to the Private Securities Litigation Reform Act of1995, as amended, indicating that certain statements about the Companys business and other matters contained in the investor presentation materials are forward-looking rather than historic. The investor presentationmaterials also state that a more thorough discussion of certain factors which may affect the Companys operating results is included, among other sections, in the Companys Annual Report on Form 10-K for the fiscal year endedDecember31, 2009, its quarterly reports on Form 10-Q and other public filings, which are filed with the SEC from time to time and available at the SECs website (http://www.sec.gov).

The investor presentation materials are also available on the Companys web site at www.looksmart.com.

Information contained herein, including Exhibit99.1, shall not be deemed filed for the purposes of the Securities Exchange Act of1934, nor shall such information and Exhibitbe deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

Item9.01.Financial Statements and Exhibits.

(d)

Exhibit99.1Investor Presentation of LookSmart, Ltd., dated August10, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on itsbehalf by the undersigned thereunto duly authorized.

LookSmart, Ltd.

(Registrant)

By:

/s/ Steve Markowski

Steve Markowski

Chief Financial Officer

Date: August 9, 2010

INDEX TO EXHIBITS

Exhibit

Number

Description

Exhibit99.1

Investor Presentation of LookSmart, Ltd., dated August 10, 2010.

EX-99.12dex991.htmINVESTOR PRESENTATION

Investor Presentation

Jean-YvesDexmier Executive Chairman & CEOSteve Markowski, CFOAugust 20101Exhibit 99.1

Thispresentation contains forward-looking statements, such as references to our business prospects.Thesestatements,includingtheirunderlyingassumptions, are subject to risks and uncertainties and are not guarantees of future performance. Results may differ due to various factors such as the possibility that our efforts to control expenses may not be successful, that our efforts to increase revenue and improve gross margin may not succeed, that we may be unable to gain or maintain customer acceptance of our publisher solutions or ad backfill products, that existing and potential customers for our products may opt to work with, or favor the products of, others due to more favorable products or pricing terms, that we may be limited in our ability or unable to retain and grow our ad and customer base, and that we may be limited in our ability to,orbeunableto,enhanceourproductsorournetworkofdistributionpartners. Additional risks that could cause actual results to differ materially from those projected are discussed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, our Annual Report on Form 10-K for the year ended December 31, 2009, and other documents we file with the Securities and Exchange Commission from time to time (available at www.sec.gov). The statements presented in this presentation speak only as of todays date. Please note that except as required by applicable law we undertake no obligation to revise or update publicly any forward-looking statements for any reason. 2Safe Harbor

3Non-GAAP InformationThis presentation includes non-GAAP financial information. LookSmart providesnon-GAAP net income (loss), and Operating Expense excludingimpairment charges, which are non-GAAP financial measures. Non-GAAP net income (loss) consists of net income (loss) before (a) income (loss) from discontinuedoperations; (b) impairment charges; and (c) share-based compensation expense.Non-GAAP Operating Expenses exclude impairment charges, as noted on Slide14. The Company believes these non-GAAP financial measures provide important supplementalinformation to management and investors. These non-GAAP financial measures reflectsan additional way of viewing aspects of the Companys operations that the Companybelieves, when viewed with the GAAP results and the accompanying reconciliation tocorresponding GAAP financial measures, provides useful information regarding factors and trends affecting the Companys business and results of operations. For the non-GAAP financial measures non-GAAP net income (loss) and non-GAAPoperating expenses, the adjustments provide management with information aboutLookSmarts operating performance that enables comparison of its operatingfinancial results in different reporting periods. Additionally, our management uses non-GAAP net income (loss) and non-GAAP operating expenses as supplemental measures inthe evaluation of our business, and believes that non-GAAP net income (loss) andnon-GAAP operating expenses provide visibility into our ability to meet our futurecapital expenditures and working capital requirements. These non-GAAP financial measures are used in addition to, and in conjunction with,results presented in accordance with GAAP and should not be relied upon to theexclusion of GAAP financial measures. Management strongly encourages investors toreview the Companys consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are notstandardized, it may not be possible to compare these financial measures with othercompanies non-GAAP financial measures having the same or similar names. Inaddition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, in particular stock based compensation expense, and exclusion ofthese items from the Companys non-GAAP measures should not be construed as aninference that these costs are unusual, infrequent or non-recurring. Reconciliations of Non-GAAP information to GAAP information are provided elsewhere in thispresentation.

4Company Overview

LookSmartis an online search advertising network solutions company

Operates in the Tier 2 segment of the online paid search advertising market

Aggregates traffic from large number of publishers

Delivers traffic to a large number of advertisers

LookSmartat a glance

Founded in 1997; IPO in 1999

2009 Revenues: $52M

Employees: 65

Headquarters in San Francisco; sales in NYC

Market capitalization: $26M (as of August 9, 2010)th

5Focus on Fundamentals

Strong Market Opportunity

Diversified customer base Needs further expansion

Significant competitive advantage: AdCenter Platform

Must improve Traffic Delivery and Optimization

Must expand distribution network

US OnlineAdvertising Spend, 2008-2014 .Source: eMarketer, December 20096We believe search advertising will grow as the largest segment in online advertising.$23.6B$22.4B $25.2B $28.3B$31.0B $34.0B $23.4B

7A Diversified Customer Base

Intermediaries Our Largest Category

Search Arbitrage reselling to large search engines

Backfill Customers with direct and arbitrage accounts

Direct Advertisers and Agencies

Transaction-based: CPA (cost-per-acquisition)

Page view-based: CPV (cost-per-view)

Self-service

Search Arbitrage

Transaction-based advertisers

Page view-based advertisers

8The Ad Center Platform A Competitive Advantage

Long-standing technology investment

Operating platform since 2002

Developed with MSN and Ask.com until in-sourcing

Currently available for licensing on an opportunistic basis

A very strong feature set

Granular campaign setting similar to large search engine platforms

Unique granular setting of traffic selection within the network

Considered as a leading platform in the Tier 2 network segment

Self-service

Increased processing capability without degradation of latency

Linear scalability, currently processing about 2B queries/day

9Optimizing Traffic Acquisition Costs (TAC)

Quest for quality drives focus on high quality traffic

High quality traffic can be acquired at higher TAC

Effort undertaken over the past year resulted in significant increase of TAC and resulting lower Gross Margin

Continuing focus on traffic quality

Separate LookSmart from the rest of the Tier 2 network market

Click rating techniques to measure individual click quality

Implementing these techniques in the Ad Center platform to automate click filtering and improve real time quality

Recently released quality streaming

TAC optimization algorithms

Implemented algorithms to optimize Traffic Acquisition Cost at the individual click level

Ad Network Gross Margin grew from 32% in Q1 to 42% in Q2

10Increasing ThroughputWill Drive Revenues

Traffic Optimization

Deliver the righttraffic at the rightprice to Search Arbitrage clients, CPA advertisers and Impression advertisers

As traffic delivery meets client performance, increase volume until reaching traffic limits

Stability and predictability are paramount

Methods

Developing data analytic techniques dedicated to each type of traffic

Real-time traffic selection based on specific account requirements

Price/volume optimization to deliver to customer performance metrics (profitability, CPA, unique page views, )

Techniques under development

Further integration in the Ad Center platform

Human capital focused on analytics and traffic optimization

11Planning Distribution Network Expansion

Focus on quality and customer requirements

Continuing quest for quality drives search for premium traffic

Optimize traffic for both page view and CPA customers

Traffic optimization will test distribution Network limits

Developing leading Distribution Network group

Requires dedicated human capital

Evaluating diversified traffic sources and media

12Targeting Sustainable Profitability

Sustainable profitability will result from:

Continuing tight control of operating expenses

Continuing focus on Traffic Acquisition Costs (TAC) optimizationin order to maintain Gross Margin levels

Controlled Revenue Growth through implementation of data analytic techniques under development

13GAAP Operating Expenses **Includes impairment charges of $9.8M in Q408, $0.2M in Q209, and $0.1M in Q409

14Non-GAAP Operating Expenses **Excludes impairment charges of $9.8M in Q408, $0.2M in Q209, and $0.1M in Q409Tight Control of Operating Expenses

15Gross Margin and TACOptimizing TAC to materially improve Gross Margin

16Revenue

17GAAP Net Income (Loss)* Dec-08 not drawn to scale ($12.45M loss)*

18Non-GAAP Net Income (Loss) ** Without FAS 123R, impairment and discontinued operationsTargeting Sustainable Non-GAAP Net Income

19GAAP to Non-GAAP ReconciliationsOperating ExpensesMar-08Jun-08Sep-08Dec-08FY2008Mar-09Jun-09Sep-09Dec-09FY2009Mar-10Jun-10GAAP Operating expenses7,993 7,054 8,146 16,892 40,085 7,347 6,671 5,972 5,330 25,320 4,837 4,945 Less: Impairment charges- - - 9,810 9,810 - 180 - 100 280 - - Non-GAAP operating expenses7,993 $7,054$8,146$7,082$30,275$7,347$6,491$5,972$5,230$25,040$4,837$4,945Net Income Mar-08Jun-08Sep-08Dec-08FY2008Mar-09Jun-09Sep-09Dec-09FY2009Mar-10Jun-10GAAP net income (loss)(488) (176) (1,721) (12,449) (14,834) (2,040) (1,286) (1,941) (935) (6,202) (517) 652 Add: Stock based compensation from continuing operations1,013 559 683 479 2,734 517 515 359 226 1,618 169 163 Add: (Income) loss from discontinued operations307 136 5 1,073 1,521 (109) (130) (132) (93) (464) (93) (85) Add: Impairment charges- - - 9,810 9,810 - 180 - 100 280 - - Non-GAAP net income (loss)832 $519($1,033)($1,087)($769)($1,632)($721)($1,714)($702)($4,768)($441)$730

20Tangible Net Worth TANGIBLE NET WORTH PER SHARE$1.43June 30, 2010Tangible Net WorthASSETSCurrent assets:Cash and cash equivalents$ 24,457 Short-term investments1,000 Total cash, cash equivalents and short-term investments25,457 Trade accounts receivable, net 4,929 Prepaid expenses and other current assets756 Total current assets31,142 31,142Property and equipment, net3,873 3,873Capitalized software and other assets, net1,990 142Total assets$ 37,005 LIABILITIES & STOCKHOLDERS' EQUITYCurrent liabilities:Trade accounts payable$ 2,821 Accrued liabilities4,088 Deferred revenue and customer deposits1,022 Current portion of long-term obligations1,267 Total current liabilities9,198 Capital lease and other obligations, net of current portion1,398 Total liabilities10,596 (10,596)Stockholders' equity:Common stock17 Additional paid-in capital261,337 Accumulated other comprehensive gain-Accumulated deficit(234,945)Total stockholders' equity26,409 Total liabilities and stockholders' equity$ 37,005 Tangible net worth24,561Fully diluted shares outstanding at June 30, 201017,192

21Summary

PPC Search Advertising is a growing market

We are improving the business fundamentals to fully leverage our market opportunity

We have returned to profitability through a combination of tight expense control and gross margin improvement

We are now targeting sustained profitability

Questions22

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