<PAGE>
EXHIBIT 99.2
MEDIAPLEX, INC.
INDEX TO UNAUDITED PRO FORMA FINANCIAL INFORMATION
<TABLE>
<S> <C>
Overview of Unaudited Pro Forma Financial Information........................................ 1
Unuadited Pro Forma Condensed Combined Balance Sheet as of June 30, 2000..................... 2
Unaudited Pro Forma Condensed Combined Statement of Operations for the six-month
period ended June 30, 2000................................................................. 3
Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended
December 31, 1999.......................................................................... 4
Notes to Unaudited Pro Forma Financial Information........................................... 5
</TABLE>
<PAGE>
MEDIAPLEX, INC.
PRO FORMA FINANCIAL INFORMATION
On July 21, 2000, Mediaplex, Inc., a Delaware corporation (the Company),
acquired AdWare Systems, Inc. (AdWare), a Kentucky corporation, from
McCann-Erickson USA, Inc., a Delaware corporation and wholly-owned subsidiary of
The Interpublic Group of Companies, Inc., a Delaware corporation. The
acquisition was accounted for using the purchase method of accounting and,
accordingly, the purchase price was allocated to the tangible and intangible
assets acquired and liabilities assumed on the basis of their fair values on the
acquisition date.
The following unaudited pro forma combined balance sheet gives effect to
this acquisition as if it had occurred on June 30, 2000. The following unaudited
pro forma combined statements of operations gives effect to this acquisition as
if it had occurred on January 1, 1999, by combining the results of operations of
AdWare for the year ended December 31, 1999 and the six-month period ended June
30, 2000, with the results of operations of the Company for the year ended
December 31, 1999 and the six-month period ended June 30, 2000, respectively.
The unaudited pro forma financial information presented herein should be
read in conjunction with the historical financial statements and related notes
of Mediaplex, Inc. in the Company's Form 10-K, filed on April 28, 2000, the
unaudited financial statements and related notes of Mediaplex, Inc. in the
Company's Form 10-Q, filed on July 25, 2000, and AdWare's historical financial
statements included elsewhere in this Form 8-K/A. The unaudited pro forma
combined statements of operations is not necessarily indicative of the operating
results that would have been achieved had the transactions been effected as of
January 1, 1999 and should not be construed as being representative of future
operating results.
1
<PAGE>
MEDIAPLEX, INC.
PRO FORMA COMBINED BALANCE SHEET
(unaudited)
(in thousands, except share amounts)
<TABLE>
<CAPTION>
June 30, 2000
-------------------------------------------------------
Mediaplex AdWare Adjustments Pro Forma
--------- -------- ----------- ---------
<S> <C> <C> <C> <C>
ASSETS
------
Cash and cash equivalents............................................ $ 42,529 $ 643 $ (4,000) $ 39,172
Short-term investments............................................... 30,523 -- -- 30,523
--------- -------- ----------- ---------
Total cash, cash equivalents,
and short-term investments........................................ 73,052 643 (4,000) 69,695
Accounts receivable, net............................................. 14,749 1,049 -- 15,798
Other current assets................................................. 944 78 -- 1,022
--------- -------- ----------- ---------
Total current assets.......................................... 88,745 1,770 (4,000) 86,515
Property and equipment, net.......................................... 7,588 5,700 -- 13,288
Goodwill and intangible assets, net.................................. 1,756 -- 21,596(A) 27,352
Other assets......................................................... 606 9 -- 615
--------- -------- ----------- ---------
Total assets.................................................. $ 98,695 $ 7,479 $ 21,596 $ 127,770
========= ======== =========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Accounts payable and accrued expenses........................... $ 14,945 $ 4,045 $ -- $ 18,990
Deferred revenue................................................ 154 -- -- 154
Capital lease obligations, current portion...................... -- 234 -- 234
Notes payable to stockholders, current portion.................. 110 -- -- 110
--------- -------- ----------- ---------
Total current liabilities..................................... 15,209 4,279 -- 19,488
Capital lease obligations............................................ -- 548 -- 548
Notes payable to stockholders........................................ 181 -- -- 181
Other non-current liabilities........................................ -- 363 -- 363
--------- -------- ----------- ---------
Total liabilities............................................. 15,390 5,190 -- 20,580
Stockholders'/Divisional Equity:
Preferred stock,0.0001 par value;
authorized 10,000,000 shares.................................. -- -- -- --
Common stock,0.0001 par value; authorized
150,000,000 shares; 33,599,337 shares
issued and outstanding as of June 30, 2000.................... 3 -- -- 3
Common stock; no par value, 2,000 shares
authorized; 100 shares issued and outstanding................. -- 186 (186)(D) --
Additional paid-in capital...................................... 144,398 -- 23,885 (D) 168,283
Warrants........................................................ 2,040 -- -- 2,040
Deferred stock compensation..................................... (2,449) -- -- (2,449)
Accumulated other comprehensive loss............................ (52) -- -- (52)
Accumulated deficit............................................. (60,635) -- -- (60,635)
Net contributions from McCann and IPG/divisional equity......... -- 2,119 (2,119)(D) --
Treasury stock, at cost; 100 shares............................. -- (16) 16 (D) --
--------- -------- ----------- ---------
Total stockholders'/divisional equity......................... 83,305 2,289 21,596 107,190
--------- -------- ----------- ---------
Total liabilities and stockholders'/divisional equity......... $ 98,695 $ 7,479 $ 21,596 $ 127,770
========= ======== =========== =========
</TABLE>
See accompanying Notes to Pro Forma Combined Financial Information
2
<PAGE>
MEDIAPLEX, INC.
PRO FORMA COMBINED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
<TABLE>
<CAPTION>
Six-month Period Ended June 30, 2000
------------------------------------------------------------
Mediaplex AdWare Adjustments Pro Forma
----------- -------- ------------- -----------
<S> <C> <C> <C> <C>
Revenues................................................ $ 34,830 $ 4,776 $ -- $ 39,606
Cost of revenues........................................ 25,222 2,140 -- 27,362
---------- -------- ----------- -----------
Gross profit....................................... 9,608 2,636 12,244
Operating expenses:
Sales and marketing................................ 11,590 1,045 -- 12,635
Research and development........................... 4,182 1,550 -- 5,732
General and administrative......................... 4,996 1,978 -- 6,974
Stock-based compensation........................... 11,843 -- -- 11,843
Amortization of goodwill and intangibles........... 501 -- 4,266 (B) 4,767
---------- -------- ----------- -----------
Total operating expenses......................... 33,112 4,573 4,266 41,951
---------- -------- ----------- -----------
Loss from operations............................. (23,504) (1,937) (4,266) (29,707)
Other income (expense), net............................. 2,436 (284) -- 2,152
---------- -------- ----------- -----------
Loss before income tax benefit................... (21,068) (2,221) (4,266) (27,555)
Income tax benefit...................................... -- 807 -- 807
---------- -------- ----------- -----------
Net loss....................................... $ (21,068) $ (1,414) $ (4,266) $ (26,748)
========== ======== =========== ===========
Net loss per share--basic and diluted................... $ (0.65) $ (0.80)
========== ===========
Weighted average shares outstanding (C)................. 32,427,205 33,639,126
========== ===========
</TABLE>
See accompanying Notes to Pro Forma Combined Financial Information
3
<PAGE>
MEDIAPLEX, INC.
PRO FORMA COMBINED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
<TABLE>
<CAPTION>
Year Ended December 31, 1999
----------------------------------------------------------------
Mediaplex AdWare Adjustments Pro Forma
---------- -------- ------------- -----------
<S> <C> <C> <C> <C>
Revenues.............................................. $ 26,405 $ 8,473 $ -- $ 34,878
Cost of revenues...................................... 20,418 4,134 -- 24,552
---------- -------- -------- -----------
Gross profit..................................... 5,987 4,339 10,326
Operating expenses:
Sales and marketing.............................. 7,399 2,134 -- 9,533
Research and development......................... 4,135 1,787 -- 5,922
General and administrative....................... 5,067 1,361 -- 6,428
Stock-based compensation......................... 11,360 -- -- 11,360
Amortization of goodwill and intangibles......... 753 -- 8,532 (B) 9,285
---------- -------- -------- -----------
Total operating expenses....................... 28,714 5,282 8,532 42,528
---------- -------- -------- -----------
Loss from operations........................... (22,727) (943) (8,532) (32,202)
Other income (expense), net........................... 912 (605) -- 307
---------- -------- -------- -----------
Loss before income tax benefit................. (21,815) (1,548) (8,532) (31,895)
Income tax benefit.................................... -- 604 -- 604
---------- -------- -------- -----------
Net loss..................................... (21,815) (944) (8,532) (31,291)
Beneficial conversion feature of Series C
convertible preferred stock........................ (14,360) -- -- (14,360)
---------- -------- -------- -----------
Net loss attributable to common stockholders.......... $ (36,175) $ (944) $ (8,532) $ (45,651)
========== ======== ======== ===========
Net loss per share attributable to common
stockholders--basic and diluted.................... $ (2.34) $ (2.74)
========== ===========
Weighted average shares outstanding (C)............... 15,426,913 16,639,834
========== ===========
</TABLE>
See accompanying Notes to Pro Forma Combined Financial Information
4
<PAGE>
MEDIAPLEX, INC.
NOTES TO PRO FORMA FINANCIAL INFORMATION
(unaudited)
The unaudited pro forma condensed combined financial statements present the
effect of the mergers of the Company and AdWare, effective July 21, 2000,
accounted for using the purchase method of accounting. The unaudited pro forma
condensed consolidated financial statements, including the notes thereto, should
be read in conjunction with the historical consolidated financial statements and
related notes of Mediaplex, Inc. and AdWare Systems, Inc.
The aggregate purchase price of approximately $27.3 million consisted of $4
million in cash and 1,211,921 shares of the Company's common stock with an
estimated fair value of $23.3 million. Of the total purchase price, $25.6
million was allocated to goodwill and intangible assets, consisting of acquired
technology, tradenames, and an established work force, and in-process research
and development. The acquired goodwill and intangible assets will be amortized
over their estimated useful lives of three years. The in-process research and
development will be recorded in the three months ended September 30, 2000, after
receiving a third party valuation report. This charge has not been reflected
in the pro forma combined financial statements.
It is anticipated that the combined company will incur estimated direct
transaction charges of $621,000 related to the merger, in the third and
fourth quarter of 2000. These charges include estimated legal and
financial advisory fees of approximately $455,000 and other estimated merger
related expenses totaling $66,000 consisting primarily of other professional
services and estimated registration expenses. Actual amounts ultimately incurred
could differ from the estimated amounts. Additionally, the direct transaction
charges do not include integration costs that may be incurred. Neither the
Company nor AdWare has estimated the amount or nature of integration costs.
The following adjustments were applied to the Company's historical
financial statements and those of AdWare to arrive at the pro forma combined
financial information:
(A) To reflect the preliminary allocation of the purchase cost.
The total estimated purchase price for the acquisition has been
allocated on a preliminary basis to assets and liabilities of AdWare
based on management's best estimates of their fair value with the
excess costs over the net assets acquired allocated to goodwill, since
the Company has not fully assessed the value of the in-process
research and development. The preliminary allocation has resulted in
an estimated goodwill and identified intangible assets, consisting of
acquired technology, tradenames, and an established work force,
totaling approximately $25.6 million which is being amortized over a
period of three years. This allocation is subject to change pending a
final analysis of the value of the assets acquired and liabilities
assumed and the charge for purchased in-process research and
development.
(B) To record amortization of goodwill and other intangible assets
resulting from the acquisition over the estimated period of benefit of
three years.
(C) Pro forma basic and diluted net loss per share for the year ended
December 31, 1999 and the six-month period ended June 30, 2000, were
computed using the weighted average number of common shares
outstanding. Differences between historical weighted average shares
outstanding and pro forma weighted average shares outstanding used to
compute net loss per share result from the inclusion of shares issued
in conjunction with the acquisition as if those shares were
outstanding from January 1, 1999. Dilutive options and warrants are
excluded from the computation as their effect is antidilutive.
(D) To reflect the elimination of the historical Stockholder's equity
accounts of AdWare including the acquisition of all the outstanding
stock of AdWare.
5
