Move, Inc. (NASDAQ:MOVE) reported financial results for the
third quarter ended September 30, 2009.
The leader in online real estate reported revenue for the third
quarter of $52.9 million, compared to $61.2 million in the third
quarter of 2008. Income from continuing operations for the third
quarter was $753,000, compared to a loss of $2.1 million in the
third quarter of 2008. Net loss applicable to common stockholders
was $758,000, or $0.00 per share, compared to a net loss of $22.7
million, or a loss of $0.15 per share in the third quarter of
2008.
Move's Adjusted EBITDA (earnings from continuing operations
before interest, taxes, stock-based compensation and charges,
depreciation, amortization and other non-recurring charges) on a
non-GAAP basis for the third quarter of 2009 was $5.6 million, or
11% of revenue, compared to $5.7 million, or 9% of revenue, for the
third quarter of 2008. The Company has reported Adjusted EBITDA
because management uses it to monitor and assess the Company's
performance and believes it is helpful to investors in
understanding the Company's business.
"The third quarter in 2009 was another very busy quarter for
Move, as we continued to build the foundation for executing our
long term growth strategy while keeping a short term focus on
revenue, managing expenses and delivering positive Adjusted
EBITDA," said Steve Berkowitz, chief executive officer at Move,
Inc. “In the past few months, we’ve completed our executive
management team by adding seasoned leaders who will run our
technology and product operations, launched new services for our
real estate customers to help them build their businesses and
deepen their relationship with consumers, and began an extensive
internal process to better align our business operations and
integrate our sales functions across all product lines. At the same
time, we have successfully maintained our clear market leadership
position, as evidenced by the most recent data that shows Move
continues to maintain a dominant position in terms of users,
minutes on site and pages viewed.”
BUSINESS OUTLOOK
Move today provided preliminary guidance for the quarter ending
December 31, 2009. For the quarter ending December 31, 2009, Move
expects revenue to range between $47 and $48 million, with an
expected Adjusted EBITDA margin of approximately 9% - 10%.
Move also provided preliminary guidance for the fiscal year
ending December 31, 2010. The Company currently expects revenue to
range between $184 million and $192 million, with an expected
Adjusted EBITDA target of approximately 10%.
“We will exit 2009 with a more stable cost structure and a
greater focus on delivering consistent cash flow,” stated Rob
Krolik, chief financial officer. “We have eliminated several
unprofitable revenue sources through a series of divestments and
partnerships in 2009. With a strong balance sheet, we are
well-positioned to continue making strategic investments in long
term growth until we begin to benefit from our initiatives to
refocus our company, launch new products for our customers, and
take advantage of our clear position as the leading online real
estate company.”
Conference Call
As previously announced, Move, Inc. will host a conference call,
which will be broadcast live over the Internet today, Thursday,
November 5, 2009, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern
Time). In order to participate in the call, please dial (800)
901-5231, or if outside the U.S., (617) 786-2961 with passcode
30748379, at least five minutes prior to the 2:00 p.m. PT start
time. A live webcast and replay of the call will also be available
at http://investor.move.com under the Event Calendar menu. An audio
replay will be available between 8:00 p.m. ET, November 5, 2009,
and 11:59 p.m. ET, November 19, 2009, by calling (888) 286-8010, or
(617) 801-6888, with passcode 58931733.
For additional information regarding the Company's results,
please go to the "SEC Filings" section at http://investor.move.com
to view annual reports as filed with the Securities and Exchange
Commission on Form 10-K for the year ended December 31, 2008 on
March 9, 2009.
Use of Non-GAAP Financial Measures
To supplement its consolidated financial statements presented in
accordance with generally accepted accounting principles in the
United States ("GAAP"), Move uses a non-GAAP measure of income
(loss) from continuing operations excluding restructuring,
impairment of long-lived assets, litigation settlement charges and
certain other non-cash and non-recurring items, principally
depreciation, amortization and stock-based compensation and other
charges, which is referred to as Adjusted EBITDA. The Company has
also presented a non-GAAP table of Financial Data for the three and
nine month periods ended September 30, 2009 and 2008 that extracts
stock-based compensation under ASC 718 "Compensation-Stock
Compensation" (Previously SFAS 123R "Share Based Payment"). A
reconciliation of these non-GAAP measures to GAAP is provided in
the attached tables. These non-GAAP adjustments are provided to
enhance the user's overall understanding of Move's current
financial performance and its prospects for the future and should
not be considered a substitute for, or superior to, financial
measures calculated in accordance with GAAP. These non-GAAP
measures are the primary basis management uses for planning and
forecasting its future operations. Move believes these non-GAAP
results provide useful information to both management and investors
by excluding certain expenses that it believes are not indicative
of its core operating results and a more consistent basis for
comparison between quarters and should be carefully evaluated.
Disclaimer as to Forward Looking Statements.
This press release may contain forward-looking statements,
including, among others, statements regarding our future financial
results and future financial position and information about
management's view of Move's future expectations, plans and
prospects, within the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. These statements are
based on our current expectations, forecasts and assumptions and
are subject to, among other things, the finalization of Move's
quarterly financial and accounting procedures, are not guarantees
of future performance or results and are inherently subject to
known and unknown risks, uncertainties and other factors which may
cause the actual results of Move, its subsidiaries, divisions and
concepts to be materially different than those expressed or implied
in such statements. These risk factors and others are included from
time to time in documents Move files with the Securities and
Exchange Commission, including but not limited to, its Form 10-Ks,
Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors
also could have material adverse effects on Move's future results.
The forward-looking statements included in this press release are
made only as of the date hereof. Move cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, Move expressly disclaims any
intent or obligation to update any forward-looking statements to
reflect subsequent events or circumstances.
ABOUT MOVE, INC.
Move, Inc. (NASDAQ:MOVE) is the leader in online real estate
with 9.3 million [1] monthly visitors to its online network of
websites. Move, Inc. operates: Move.com, a leading destination for
information on new homes and rental listings, moving, home and
garden and home finance; REALTOR.com®, the official Web site of the
National Association of REALTORS®; Moving.com; SeniorHousingNet;
and TOP PRODUCER Systems. Move, Inc. is based in Campbell,
California. For more information: www.move.com.
[1] comScore Media Metrics, September 2009
MOVE, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amount)
Three Months Ended September 30,
Nine Months Ended September
30,
2009 2008 2009
2008 (unaudited) (unaudited) (Restated) (Restated) Revenue $
52,866 $ 61,240 $ 162,371 $ 184,619 Cost of revenue (1) 12,014
11,804 37,465 34,453 Gross profit
40,852 49,436 124,906 150,166
Operating expenses: (1) Sales and marketing 18,787 24,002 60,936
71,268 Product and web site development 7,650 6,821 20,458 20,510
General and administrative 16,226 18,639 51,227 61,763 Amortization
of intangible assets 107 188 366 582 Litigation settlement — — 975
— Restructuring charges (1,192 ) 4,014 (1,192 ) 4,014
Total operating expenses 41,578 53,664 132,770
158,137 Operating loss from continuing operations (726 )
(4,228 ) (7,864 ) (7,971 ) Interest income, net 279 1,261
728 4,839 Other income, net 1,250 959 1,741
1,139 Income (loss) from continuing operations before income
taxes 803 (2,008 ) (5,395 ) (1,993 ) Provision for income
taxes 50 110 227 313 Income
(loss) from continuing operations 753 (2,118 ) (5,622 ) (2,306 )
Loss from discontinued operations (196 ) (19,334 ) (445 )
(24,984 ) Gain on disposition of discontinued operations — —
2,303 — Net income (loss) 557 (21,452 ) (3,764
) (27,290 ) Convertible preferred stock dividends and
related accretion (1,315 ) (1,282 ) (3,920 ) (3,819 ) Net loss
applicable to common stockholders $ (758 ) $ (22,734 ) $ (7,684 ) $
(31,109 ) Basic and diluted net loss per share applicable to
common stockholders: Continuing operations $ (0.00 ) $ (0.02 ) $
(0.06 ) $ (0.04 ) Discontinued operations (0.00 ) (0.13 ) 0.01
(0.16 )
Basic and diluted net loss per
share applicable to common stockholders
$ (0.00 ) $ (0.15 ) $ (0.05 ) $ (0.21 ) Shares used
in calculation of net loss per share applicable to common
stockholders: Basic and diluted 153,344 152,184
153,139 151,652 (1) Includes
stock-based compensation as follows: Cost of revenue $ 54 $
41 $ 137 $ 110 Sales and marketing 472 161 1,349 370 Product and
web site development 166 150 493 419 General and administrative
2,919 2,351 13,291 8,718 $ 3,611
$ 2,703 $ 15,270 $ 9,617
MOVE, INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands)
September 30,
2009
December 31,
2008
(unaudited) (Restated)
ASSETS Current assets: Cash and cash
equivalents $ 115,873 $ 108,935 Accounts receivable, net 11,628
12,833 Other current assets 11,935 11,399 Restricted cash 462
— Total current assets 139,898 133,167
Property and equipment, net 21,953 21,934 Long-term investments
111,800 111,800 Goodwill, net 16,969 16,969 Intangible assets, net
3,567 3,933 Restricted cash — 3,209 Other assets 2,270 995
Total assets $ 296,457 $ 292,007
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 7,349 $ 4,051 Accrued expenses 18,708 22,747
Deferred revenue 17,572 23,991 Obligation under capital leases —
339 Line of credit 64,700 64,700 Total current
liabilities 108,329 115,828 Other non-current liabilities
1,160 2,043 Total liabilities 109,489 117,871
Series B convertible preferred stock 110,217 106,297
Stockholders’ equity: Series A convertible preferred stock —
— Common stock 156 153 Additional paid-in capital 2,110,638
2,094,135 Accumulated other comprehensive income (17,093 ) (17,183
) Accumulated deficit (2,016,950 ) (2,009,266 ) Total stockholders’
equity 76,751 67,839 Total liabilities and
stockholders’ equity $ 296,457 $ 292,007
MOVE, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
Nine Months Ended September 30, 2009
2008
Cash flows from continuing operating activities:
(unaudited) (Restated) Loss from continuing operations $ (5,622 ) $
(2,306 ) Adjustments to reconcile loss from continuing operations
to net cash provided by continuing operating activities:
Depreciation 7,853 8,435 Amortization of intangible assets 366 582
Provision for doubtful accounts 1,024 511 Gain on sale of assets
(1,308 ) (816 ) Stock-based compensation and charges 15,647 9,834
Change in market value of embedded derivative liability (536 ) (156
) Other non-cash items (83 ) 411
Changes in operating assets and
liabilities: Accounts receivable 130 2,531 Other assets (998 )
(2,760 ) Accounts payable and accrued expenses 155 366 Deferred
revenue (6,433 ) (4,312 ) Net cash provided by continuing
operating activities 10,195 12,320 Net cash used in discontinued
operating activities (1,843 ) (5,777 ) Net cash provided by
operating activities 8,352 6,543
Cash flows
from investing activities: Purchases of property and equipment
(7,711 ) (5,748 ) Proceeds form sales of marketable equity
securities — 27 Purchases of short-term investments — (96,418 )
Maturities of short-term investments — 96,918 Proceeds from sale of
assets 1,355 206 Net cash used in investing
activities of continuing operations (6,356 ) (5,015 ) Net cash
provided by investing activities of discontinued operations 1,739
799 Net cash used in investing activities (4,617 )
(4,216 )
Cash flows from financing activities:
Proceeds from exercise of stock options 1,859 2,889 Borrowings from
line of credit — 64,700 Tax withholdings related to net share
settlements of restricted stock awards (1,064 ) — Restricted cash
2,747 166 Payments on capital lease obligations (339 ) (1,516 ) Net
cash provided by financing activities 3,203 66,239
Change in cash and cash equivalents 6,938 68,566 Cash
and cash equivalents, beginning of period 108,935 45,713
Cash and cash equivalents, end of period $ 115,873
$ 114,279
MOVE, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
OPERATING LOSS FROM CONTINUING
OPERATIONS EXCLUDING STOCK-BASED COMPENSATION AND CHARGES,
DEPRECIATION, AMORTIZATION, LITIGATION SETTLEMENT, RESTRUCTURING
CHARGES AND NON-RECURRING SEVERANCE COSTS (ADJUSTED EBITDA)
(in thousands)
Three Months Ended September 30,
Nine Months Ended September 30, 2009 2008
2009 2008 (unaudited)
(unaudited) (Restated) (Restated) Operating loss from continuing
operations $ (726 ) $ (4,228 ) $ (7,864 ) $ (7,971 ) Plus:
Stock-based compensation 3,611 2,703 15,270 9,617 Stock-based
charges 111 108 377 217 Depreciation 2,566 2,923 7,853 8,435
Amortization of intangible assets 107 188 366 582 Litigation
settlement — — 975 — Restructuring charges (1,192 ) 4,014 (1,192 )
4,014 Non-recurring severance costs 1,093 — 3,490
— Adjusted EBITDA $ 5,570 $ 5,708 $
19,275 $ 14,894
MOVE, INC.
OPERATING RESULTS NET OF
STOCK-BASED COMPENSATION EXPENSE
(in thousands)
Three months ended September 30, 2009
(unaudited)
As Reported
Stock-based
Compensation
Excluding
Stock-based
Compensation
Revenue $ 52,866 $ — $ 52,866 Cost of revenue 12,014 (54 )
11,960 Gross profit 40,852 54 40,906 Sales and
marketing 18,787 (472 ) 18,315 Product and web site development
7,650 (166 ) 7,484 General and administrative 16,226 (2,919 )
13,307 Amortization of intangibles 107 — 107 Litigation Settlement
— — 0 Restructuring charges (1,192 ) — (1,192 ) Total
operating expenses 41,578 (3,557 ) 38,021
Operating income (loss) from continuing operations $ (726 ) $ 3,611
$ 2,885 Three months ended
September 30, 2008 (unaudited) As Reported
Stock-based
Compensation
Excluding
Stock-Based
Compensation
(Restated) Revenue $ 61,240 $ — $ 61,240 Cost of revenue 11,804
(41 ) 11,763 Gross profit 49,436 41 49,477
Sales and marketing 24,002 (161 ) 23,841 Product and web site
development 6,821 (150 ) 6,671 General and administrative 18,639
(2,351 ) 16,288 Amortization of intangibles 188 — 188 Restructuring
charges 4,014 — 4,014 Total operating expenses
53,664 (2,662 ) 51,002 Operating income (loss)
from continuing operations $ (4,228 ) $ 2,703 $ (1,525 )
Nine months ended September 30, 2009 (unaudited) As
Reported
Stock-based
Compensation
Excluding
Stock-Based
Compensation
Revenue $ 162,371 $ — $ 162,371 Cost of revenue 37,465 (137
) 37,328 Gross profit 124,906 137 125,043 Sales and
marketing 60,936 (1,349 ) 59,587 Product and web site development
20,458 (493 ) 19,965 General and administrative 51,227 (13,291 )
37,936 Amortization of intangibles 366 — 366 Litigation settlement
975 — 975 Restructuring charges (1,192 ) — (1,192 )
Total operating expenses 132,770 (15,133 ) 117,637
Operating income (loss) from continuing operations $
(7,864 ) $ 15,270 $ 7,406 Nine
months ended September 30, 2008 (unaudited) As Reported
Stock-based
Compensation
Excluding
Stock-Based
Compensation
(Restated) Revenue $ 184,619 $ — $ 184,619 Cost of revenue 34,453
(110 ) 34,343 Gross profit 150,166 110 150,276
Sales and marketing 71,268 (370 ) 70,898 Product and web site
development 20,510 (419 ) 20,091 General and administrative 61,763
(8,718 ) 53,045 Amortization of intangibles 582 — 582 Restructuring
charges 4,014 — 4,014 Total operating expenses
158,137 (9,507 ) 148,630 Operating income
(loss) from continuing operations $ (7,971 ) $ 9,617 $ 1,646
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