Thesis
Marchex does not generate profits on their products and services, and it has a long history of reporting losses, with only occasional quarters showing positive signs. Recognizing this problem, Marchex has incurred significant debt to both bridge the operating revenue deficit, as well as to invest in new innovations and strategic initiatives which they hope will turn things around. The reality however is that Marchex will continue seeing declining revenues, only now they will witness dramatic increases of expenses due to their new initiatives. Investors should actively avoid this company, if not initiate a