Company continues its shift to sales and marketing organization.
Minds + Machines released unaudited first half results this morning.
The company reported $1.974 in billings for the quarter — this is essentially a revenue number if it didn’t have to recognize domain registration revenue over time.
Its adjusted EBITDA using the billings number was -$1.216 million. Using traditional accounting principles, the company had earnings of -$3.695.
The company’s board has approved a plan to return some of its $50 million in cash to shareholders. As I expected, this will come in the form of share buybacks instead of a one time dividend. The company will buy up to £15 million worth of shares on the open market this year.
The company has reduced its headcount from 58 to 44 as it shifts from the TLD acquisition phase of its business to sales and marketing. Its sales and marketing staff grew from 2 to 12, which means there’s been more turnover than the 14 indicated by its headcount number.