ReachLocal (RLOC) 8-K ReachLocalAnnounces StrategicActions to Improve Adjusted EBITDA andEnhance Liquidity

Exhibit 99.2

REACHLOCAL, INC.

UNAUDITED RECONCILIATION OF PRO-FORMA FINANCIAL INFORMATION EXCLUDING THE UNITED KINGDOM

(in thousands)

	Three Months Ended									Three Months Ended
	March 31, 2015									March 31, 2014
	As Reported			United Kingdom			Pro-Forma			As Reported		United Kingdom		Pro-Forma
Revenue by Channel (North America) (1):
Direct Local	$	45,926			-		$	45,926		$	56,264		-	$	56,264
National Brands, Agencies and Resellers (NBAR)		17,573			-			17,573			20,824		-		20,824
Revenue by Channel (International):
Direct Local		32,809			6,496			26,313			42,303		10,432		31,871
National Brands, Agencies and Resellers (NBAR)		3,255			294			2,961			5,345		818		4,527
Consolidated Revenue	$	99,563			6,790		$	92,773		$	124,736		11,250	$	113,486
Consolidated Adjusted EBITDA (2)	$	(3,785	)		(1,913	)	$	(1,872	)	$	2,261		905	$	1,356

	Three Months Ended							Three Months Ended
	June 30, 2015							June 30, 2014
	As Reported		United Kingdom			Pro-Forma		As Reported			United Kingdom			Pro-Forma
Revenue by Channel (North America) (1):
Direct Local	$	46,189		-		$	46,189	$	54,944			-		$	54,944
National Brands, Agencies and Resellers (NBAR)		17,787		-			17,787		22,024			-			22,024
Revenue by Channel (International):
Direct Local		31,085		6,380			24,705		42,218			8,215			34,003
National Brands, Agencies and Resellers (NBAR)		3,715		187			3,528		4,367			683			3,684
Consolidated Revenue	$	98,776		6,567		$	92,209	$	123,553			8,898		$	114,655
Consolidated Adjusted EBITDA (2)	$	715		(22	)	$	737	$	(1,904	)		(1,753	)	$	(151	)

	Three Months Ended						Three Months Ended
	September 30, 2015						September 30, 2014
	As Reported		United Kingdom		Pro-Forma		As Reported			United Kingdom			Pro-Forma
Revenue by Channel (North America) (1):
Direct Local	$	45,007		-	$	45,007	$	49,842			-		$	49,842
National Brands, Agencies and Resellers (NBAR)		17,276		-		17,276		21,438			-			21,438
Revenue by Channel (International):
Direct Local		28,580		6,703		21,877		42,072			8,177			33,895
National Brands, Agencies and Resellers (NBAR)		4,419		161		4,258		4,271			530			3,741
Consolidated Revenue	$	95,282		6,864	$	88,418	$	117,623			8,707		$	108,916
Consolidated Adjusted EBITDA (2)	$	1,629		32	$	1,597	$	(3,843	)		(559	)	$	(3,284	)

	Three Months Ended
	December 31, 2014
	As Reported			United Kingdom			Pro-Forma
Revenue by Channel (North America) (1):
Direct Local	$	47,408			-		$	47,408
National Brands, Agencies and Resellers (NBAR)		20,351			-			20,351
Revenue by Channel (International):
Direct Local		37,771			7,226			30,545
National Brands, Agencies and Resellers (NBAR)		3,479			360			3,119
Consolidated Revenue	$	109,009			7,586		$	101,423
Consolidated Adjusted EBITDA (2)	$	(5,924	)		(1,521	)	$	(4,403	)

	Nine Months Ended								Nine Months Ended
	September 30, 2015								September 30, 2014
	As Reported			United Kingdom			Pro-Forma		As Reported			United Kingdom			Pro-Forma
Revenue by Channel (North America) (1):
Direct Local	$	137,118			-		$	137,118	$	161,050			-		$	161,050
National Brands, Agencies and Resellers (NBAR)		52,639			-			52,639		64,286			-			64,286
Revenue by Channel (International):
Direct Local		92,474			19,578			72,896		126,593			26,824			99,769
National Brands, Agencies and Resellers (NBAR)		11,389			642			10,747		13,983			2,031			11,952
Consolidated Revenue	$	293,620			20,220		$	273,400	$	365,912			28,855		$	337,057
Consolidated Adjusted EBITDA (2)	$	(1,442	)		(1,903	)	$	461	$	(3,486	)		(1,407	)	$	(2,079	)

(1) North America includes the United States and Canada. International includes all other countries.

(2) Adjusted EBITDA is defined as net income (loss) from continuing operations before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, the effects of accounting for business combinations (including any impairment of acquired intangibles and goodwill), restructuring charges, and other non-operating income or expense.

REACHLOCAL, INC.

UNAUDITED RECONCILIATION OF PRO-FORMA FINANCIAL INFORMATION EXCLUDING THE UNITED KINGDOM

(in thousands)

	Three Months Ended									Three Months Ended
	March 31, 2015									March 31, 2014
	As Reported			United Kingdom			Pro-Forma			As Reported			United Kingdom		Pro-Forma
Operating loss	$	(12,527	)		(1,973	)	$	(10,554	)	$	(8,369	)		828	$	(9,197	)
Add:								-								-
Depreciation and amortization		5,134			60			5,074			4,222			77		4,145
Stock-based compensation		2,146			-			2,146			4,571			-		4,571
Acquisition and integration costs		7			-			7			14			-		14
Restructuring charges		1,455			-			1,455			1,823			-		1,823
Adjusted EBITDA (1)	$	(3,785	)		(1,913	)	$	(1,872	)	$	2,261			905	$	1,356

	Three Months Ended									Three Months Ended
	June 30, 2015									June 30, 2014
	As Reported			United Kingdom			Pro-Forma			As Reported			United Kingdom			Pro-Forma
Operating loss	$	(9,785	)		(174	)	$	(9,611	)	$	(11,626	)		(1,828	)	$	(9,798	)
Add:								-									-
Depreciation and amortization		5,149			58			5,091			4,018			75			3,943
Stock-based compensation		2,214			-			2,214			3,476			-			3,476
Acquisition and integration costs		4			-			4			2			-			2
Restructuring charges		3,133			94			3,039			2,226			-			2,226
Adjusted EBITDA (1)	$	715			(22	)	$	737		$	(1,904	)		(1,753	)	$	(151	)

	Three Months Ended									Three Months Ended
	September 30, 2015									September 30, 2014
	As Reported			United Kingdom			Pro-Forma			As Reported			United Kingdom			Pro-Forma
Operating loss	$	(34,063	)		(39	)	$	(34,024	)	$	(11,457	)		(628	)	$	(10,829	)
Add:																	-
Depreciation and amortization		4,712			57			4,655			4,355			69			4,286
Stock-based compensation		2,195			-			2,195			2,671			-			2,671
Acquisition and integration costs		2			-			2			70			-			70
Restructuring charges		983			14			969			518			-			518
Impairment of goodwill		27,800			-			27,800			-			-			-
Adjusted EBITDA (1)	$	1,629			32		$	1,597		$	(3,843	)		(559	)	$	(3,284	)

	Three Months Ended
	December 31, 2014
	As Reported			United Kingdom			Pro-Forma
Operating loss	$	(14,660	)		(1,620	)	$	(13,040	)
Add:								-
Depreciation and amortization		4,799			61			4,738
Stock-based compensation		2,542			-			2,542
Acquisition and integration costs		35			-			35
Restructuring charges		1,360			38			1,322
Adjusted EBITDA (1)	$	(5,924	)		(1,521	)	$	(4,403	)

	Nine Months Ended									Nine Months Ended
	September 30, 2015									September 30, 2014
	As Reported			United Kingdom			Pro-Forma			As Reported			United Kingdom			Pro-Forma
Operating loss	$	(56,376	)		(2,186	)	$	(54,190	)	$	(31,452	)		(1,628	)	$	(29,824	)
Add:
Depreciation and amortization		14,995			175			14,820			12,595			221			12,374
Stock-based compensation		6,556			-			6,556			10,718			-			10,718
Acquisition and integration costs		12			-			12			86			-			86
Restructuring charges		5,571			108			5,463			4,567			-			4,567
Impairment of goodwill		27,800			-			27,800			-			-			-
Adjusted EBITDA (1)	$	(1,442	)		(1,903	)	$	461		$	(3,486	)		(1,407	)	$	(2,079	)

(1) Adjusted EBITDA is defined as net income (loss) from continuing operations before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, the effects of accounting for business combinations (including any impairment of acquired intangibles and goodwill), restructuring charges, and other non-operating income or expense.