CAMPBELL, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Move, Inc.
(Nasdaq: MOVE) today reported financial results for the second
quarter ended June 30, 2010.
Revenue in the second quarter of 2010 was $49.7 million, compared to $54.6 million in the second quarter of 2009.
Net loss applicable to common stockholders, including
discontinued operations, was $1.4
million, or a $0.01 loss per
share, in the second quarter of 2010 compared to net income of
$3.3 million, or $0.02 per share, in the second quarter of 2009.
Non-GAAP Adjusted EBITDA (earnings from continuing operations
before interest, taxes, stock-based compensation and charges,
depreciation, amortization and other non-recurring charges) for the
second quarter of 2010 was $5.6
million, or 11 percent of revenue, as compared to
$7.5 million, or 14 percent of
revenue, for the second quarter of 2009. Move, Inc. 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.
"Move continues to execute as changes implemented over the past
year have yielded positive early returns and our core business
continues to stabilize," said Steve
Berkowitz, chief executive officer at Move, Inc. "In the
past few months, we made good progress against our core business
strategies, releasing beta sites for both Realtor.com® and
Move.com, several updates to our iPhone app and Top Producer® 8i®.
These and other efforts leverage recent investments in
technology, and will enable us to improve the online search
experience for consumers while delivering more marketing tools to
real estate professionals, empowering them to more effectively
leverage data and grow their businesses."
Second Quarter 2010 Highlights:
- Move maintained its dominant market leadership, leading the
industry in unique users and total engagement. In June, Move
attracted 11.8 million unique users(1) who spent more than 240
million minutes on our network(1). Visitors to the Move
Network viewed more than 400 million pages, more than the next five
competitors combined.
- The Company launched the beta site for Realtor.com. The
new site improvements leverage Move's eighteen-month technology
investment to completely rebuild the site's underlying platform,
enabling more innovation in real estate search and greater
flexibility to deliver a superior customer experience. The
new site developments include significant improvements in search,
map display, and a host of other capabilities slated for general
availability in the coming months.
- Move's Realtor.com Real Estate Search iPhone application has
been downloaded nearly 1.5 million times in the last 6 months.
The application was named one of four great iPhone apps by
Money Magazine, and the number one real estate application by
Clareity Consulting with best features, best ratings and ease of
use.
- Move also released the highly anticipated next generation of
the Top Producer® 8i® CRM solution. Key upgrades included a
new social media integration featuring the ability to capture
updates, status changes and postings from Facebook and Twitter
directly into Top Producer 8i's contact, calendar and outreach
programs.
- The Company integrated Lat49, the premier location-focused ad
platform, across the Move Network of websites. Advertisers on
Realtor.com can now better target their products, services and
retail locations throughout the United
States based on a visitor's physical location, as well as
any expressed location of interest based on map views or other
search-based or home-search criteria.
Business Outlook
Move today provided guidance for the quarter ending September 30, 2010. For the quarter ending
September 30, 2010, Move expects
revenue to range between $48.5 - $49.5
million and expects to report Adjusted EBITDA margin of
approximately 10 to 11 percent.
Move also provided updated guidance for the fiscal year ending
December 31, 2010. The company
currently expects revenue to range between $194 million and $197 million, with an Adjusted
EBITDA target of approximately 11 percent.
Conference Call
As previously announced, Move, Inc. will host a conference call,
which will be broadcast live over the Internet today, Thursday, August 5, 2010, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). In order to
participate in the call, please dial (877) 312-5848, or if outside
the U.S., (253) 237-1155, at least five minutes prior to the
1:30 p.m. PT start time. A live
webcast and replay of the call will also be available at
http://investor.move.com under the Events & Presentations menu.
An audio replay will be available between 7:30 p.m. ET, August 5,
2010, and 11:59 p.m. ET,
August 19, 2010, by calling (800)
642-1687, or (706) 645-9291, with passcode 87787726.
For additional information regarding the Company's results,
please go to the "SEC Filings" section at http://investor.move.com
to view our annual report as filed on March
5, 2010 with the Securities and Exchange Commission on Form
10-K for the year ended December 31,
2009. Move's Form 10-Q for the quarter ended
June 30, 2010 is expected to be filed
with the Securities and Exchange Commission on, or before,
August 9, 2010.
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 interest income, net, provision for income taxes,
impairment of auction rate securities, 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 six month periods ended June
30, 2010 and 2009 that extracts stock-based compensation
under ASC Topic 718 "Compensation – Stock Compensation." 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.
This press release may contain forward-looking statements,
including 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 involve known and unknown risks,
uncertainties and other factors which may cause the 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 11.8(1) million 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(R), the
official Web site of the National Association of REALTORS(R);
Moving.com; SeniorHousingNet; and TOP PRODUCER Systems. Move,
Inc. is based in Campbell,
California.
(1) comScore Media Metrics, June
2010
|
MOVE, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts)
|
|
|
Three Months Ended June
30,
|
|
Six Months Ended June
30,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
49,691
|
|
$
|
54,637
|
|
$
|
98,334
|
|
$
|
109,505
|
|
|
Cost of revenue (1)
|
|
11,088
|
|
|
12,804
|
|
|
22,016
|
|
|
25,451
|
|
|
Gross profit
|
|
38,603
|
|
|
41,833
|
|
|
76,318
|
|
|
84,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
18,872
|
|
|
21,387
|
|
|
37,204
|
|
|
42,149
|
|
|
Product and web site
development
|
|
8,136
|
|
|
6,425
|
|
|
16,662
|
|
|
12,808
|
|
|
General and
administrative
|
|
10,800
|
|
|
11,364
|
|
|
21,489
|
|
|
35,001
|
|
|
Amortization of intangible
assets
|
|
104
|
|
|
108
|
|
|
209
|
|
|
259
|
|
|
Litigation settlement
|
|
—
|
|
|
975
|
|
|
—
|
|
|
975
|
|
|
Total operating
expenses
|
|
37,912
|
|
|
40,259
|
|
|
75,564
|
|
|
91,192
|
|
|
Operating income (loss) from
continuing operations
|
|
691
|
|
|
1,574
|
|
|
754
|
|
|
(7,138)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net
|
|
178
|
|
|
314
|
|
|
734
|
|
|
449
|
|
|
Earnings of unconsolidated joint
venture
|
|
193
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
(19,559)
|
|
|
—
|
|
|
Other income (expense),
net
|
|
(1,069)
|
|
|
386
|
|
|
(1,102)
|
|
|
491
|
|
|
Income (loss) from continuing
operations before income taxes
|
|
(7)
|
|
|
2,274
|
|
|
(18,874)
|
|
|
(6,198)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
28
|
|
|
81
|
|
|
91
|
|
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations
|
|
(35)
|
|
|
2,193
|
|
|
(18,965)
|
|
|
(6,375)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued
operations
|
|
—
|
|
|
107
|
|
|
—
|
|
|
(249)
|
|
|
Gain on disposition of
discontinued operations
|
|
—
|
|
|
2,303
|
|
|
—
|
|
|
2,303
|
|
|
Net income (loss)
|
|
(35)
|
|
|
4,603
|
|
|
(18,965)
|
|
|
(4,321)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred stock
dividend and related accretion
|
|
(1,341)
|
|
|
(1,307)
|
|
|
(2,674)
|
|
|
(2,605)
|
|
|
Net income (loss) applicable to
common stockholders
|
$
|
(1,376)
|
|
$
|
3,296
|
|
$
|
(21,639)
|
|
$
|
(6,926)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share applicable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
(0.01)
|
|
$
|
0.01
|
|
$
|
(0.14)
|
|
$
|
(0.06)
|
|
|
Discontinued
operations
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.01
|
|
|
Basic net income (loss) per
share applicable to common stockholders:
|
$
|
(0.01)
|
|
$
|
0.02
|
|
$
|
(0.14)
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per
share applicable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
(0.01)
|
|
$
|
0.01
|
|
$
|
(0.14)
|
|
$
|
(0.06)
|
|
|
Discontinued
operations
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.01
|
|
|
Diluted net income (loss) per
share applicable to common stockholders
|
$
|
(0.01)
|
|
$
|
0.02
|
|
$
|
(0.14)
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of
net income (loss) per share
applicable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
154,641
|
|
|
152,920
|
|
|
154,574
|
|
|
153,019
|
|
|
Diluted
|
|
154,641
|
|
|
156,552
|
|
|
154,574
|
|
|
153,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
45
|
|
$
|
46
|
|
$
|
92
|
|
$
|
83
|
|
|
Sales and
marketing
|
|
430
|
|
|
604
|
|
|
840
|
|
|
877
|
|
|
Product and web
site development
|
|
308
|
|
|
187
|
|
|
790
|
|
|
327
|
|
|
General and
administrative
|
|
964
|
|
|
334
|
|
|
1,917
|
|
|
10,372
|
|
|
$
|
1,747
|
|
$
|
1,171
|
|
$
|
3,639
|
|
$
|
11,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE, INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands)
|
|
|
|
June 30,
2010
|
|
|
December 31,
2009
|
|
|
|
(unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
156,527
|
|
$
|
106,847
|
|
|
Accounts receivable,
net
|
|
10,400
|
|
|
10,782
|
|
|
Other current assets
|
|
11,717
|
|
|
12,101
|
|
|
Total current assets
|
|
178,644
|
|
|
129,730
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
22,066
|
|
|
21,139
|
|
|
Long-term investments
|
|
—
|
|
|
111,800
|
|
|
Investment in unconsolidated
joint venture
|
|
6,948
|
|
|
6,649
|
|
|
Goodwill, net
|
|
16,969
|
|
|
16,969
|
|
|
Intangible assets,
net
|
|
3,251
|
|
|
3,460
|
|
|
Other assets
|
|
1,351
|
|
|
1,548
|
|
|
Total assets
|
$
|
229,229
|
|
$
|
291,295
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
3,915
|
|
$
|
5,545
|
|
|
Accrued expenses
|
|
17,966
|
|
|
18,335
|
|
|
Deferred revenue
|
|
16,011
|
|
|
15,951
|
|
|
Line of credit
|
|
—
|
|
|
64,630
|
|
|
Total current
liabilities
|
|
37,892
|
|
|
104,461
|
|
|
|
|
|
|
|
|
|
Other non-current
liabilities
|
|
2,652
|
|
|
1,096
|
|
|
Total liabilities
|
|
40,544
|
|
|
105,557
|
|
|
|
|
|
|
|
|
|
Series B convertible preferred
stock
|
|
114,215
|
|
|
111,541
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Series A convertible preferred
stock
|
|
—
|
|
|
—
|
|
|
Common stock
|
|
156
|
|
|
156
|
|
|
Additional paid-in
capital
|
|
2,117,038
|
|
|
2,112,613
|
|
|
Accumulated other comprehensive
income
|
|
371
|
|
|
(17,116)
|
|
|
Accumulated deficit
|
|
(2,043,095)
|
|
|
(2,021,456)
|
|
|
Total stockholders’
equity
|
|
74,470
|
|
|
74,197
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity
|
$
|
229,229
|
|
$
|
291,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
|
|
|
Six Months Ended June
30,
|
|
|
|
2010
|
|
|
2009
|
|
|
|
(unaudited)
|
|
|
Cash flows from continuing
operating activities:
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
$
|
(18,965)
|
|
$
|
(6,375)
|
|
|
Adjustments to reconcile loss
from continuing operations to net cash
provided by continuing operating
activities:
|
|
|
|
|
|
|
|
Depreciation
|
|
5,155
|
|
|
5,287
|
|
|
Amortization of intangible
assets
|
|
209
|
|
|
259
|
|
|
Provision for doubtful
accounts
|
|
(120)
|
|
|
811
|
|
|
Impairment of auction rate
securities
|
|
19,559
|
|
|
—
|
|
|
Stock-based compensation and
charges
|
|
3,906
|
|
|
11,925
|
|
|
Earnings of unconsolidated joint
venture
|
|
(299)
|
|
|
—
|
|
|
Change in market value of
embedded derivative liability
|
|
—
|
|
|
(536)
|
|
|
Other non-cash items
|
|
(115)
|
|
|
(56)
|
|
|
Changes in operating assets and
liabilities, net of discontinued
operations:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
502
|
|
|
(51)
|
|
|
Other assets
|
|
104
|
|
|
354
|
|
|
Accounts payable and accrued
expenses
|
|
(724)
|
|
|
(1,774)
|
|
|
Deferred revenue
|
|
58
|
|
|
(4,701)
|
|
|
|
|
|
|
|
|
|
Net cash provided by continuing
operating activities
|
|
9,270
|
|
|
5,143
|
|
|
Net cash used in discontinued
operating activities
|
|
—
|
|
|
(1,225)
|
|
|
Net cash provided by operating
activities
|
|
9,270
|
|
|
3,918
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
|
Purchases of property and
equipment
|
|
(6,078)
|
|
|
(4,453)
|
|
|
Proceeds from the sale of
auction rate securities
|
|
109,841
|
|
|
—
|
|
|
Proceeds from the sale of
marketable equity securities
|
|
14
|
|
|
—
|
|
|
Net cash provided by (used in)
continuing investing activities
|
|
103,777
|
|
|
(4,453)
|
|
|
Net cash provided by
discontinued operations
|
|
—
|
|
|
1,739
|
|
|
Net cash provided by (used in)
investing activities
|
|
103,777
|
|
|
(2,714)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
|
Proceeds from exercise of stock
options and share issuances under
employee stock purchase
plans
|
|
519
|
|
|
70
|
|
|
Restricted cash
|
|
462
|
|
|
81
|
|
|
Gross proceeds from line of
credit
|
|
64,700
|
|
|
—
|
|
|
Proceeds from loan
payable
|
|
316
|
|
|
—
|
|
|
Gross principal payments on line
of credit
|
|
(129,330)
|
|
|
—
|
|
|
Principal payments on loan
payable
|
|
(34)
|
|
|
—
|
|
|
Tax payment related to net share
settlements of restricted stock awards
|
|
—
|
|
|
(1,064)
|
|
|
Payments on capital lease
obligations
|
|
—
|
|
|
(339)
|
|
|
Net cash used in financing
activities
|
|
(63,367)
|
|
|
(1,252)
|
|
|
|
|
|
|
|
|
|
Change in cash and cash
equivalents
|
|
49,680
|
|
|
(48)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period
|
|
106,847
|
|
|
108,935
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period
|
$
|
156,527
|
|
$
|
108,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE, INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE
INCOME (LOSS) FROM CONTINUING
OPERATIONS EXCLUDING INTEREST INCOME, PROVISION FOR
INCOME
TAXES, STOCK-BASED COMPENSATION
AND CHARGES, DEPRECIATION, IMPAIRMENT OF AUCTION
RATE
SECURITIES, AMORTIZATION,
LITIGATION SETTLEMENT AND NON-RECURRING SEVERANCE COSTS
(EBITDA)
(in thousands)
|
|
|
Three Months Ended June
30,
|
|
Six Months Ended June
30,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations
|
$
|
(35)
|
|
$
|
2,193
|
|
$
|
(18,965)
|
|
$
|
(6,375)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net
|
|
(178)
|
|
|
(314)
|
|
|
(734)
|
|
|
(449)
|
|
|
Provision for income
taxes
|
|
28
|
|
|
81
|
|
|
91
|
|
|
177
|
|
|
Stock-based
compensation
|
|
1,747
|
|
|
1,171
|
|
|
3,639
|
|
|
11,659
|
|
|
Stock-based charges
|
|
91
|
|
|
117
|
|
|
267
|
|
|
266
|
|
|
Depreciation
|
|
2,554
|
|
|
2,668
|
|
|
5,155
|
|
|
5,287
|
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
19,559
|
|
|
—
|
|
|
Loss on sale of auction rate
securities
|
|
1,098
|
|
|
—
|
|
|
1,098
|
|
|
—
|
|
|
Amortization of intangible
assets, including
unconsolidated joint venture
|
|
301
|
|
|
108
|
|
|
688
|
|
|
259
|
|
|
Litigation settlement
|
|
—
|
|
|
975
|
|
|
—
|
|
|
975
|
|
|
Non-recurring severance
costs
|
|
—
|
|
|
497
|
|
|
—
|
|
|
2,397
|
|
|
Adjusted EBITDA
|
$
|
5,606
|
|
$
|
7,496
|
|
$
|
10,798
|
|
$
|
14,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE, INC.
OPERATING RESULTS
NET OF STOCK-BASED COMPENSATION
EXPENSE
(in thousands)
|
|
|
|
Three Months Ended
|
|
|
|
June 30, 2010
|
|
|
|
(unaudited)
|
|
|
|
As Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
|
Revenue
|
$
|
49,691
|
$
|
—
|
$
|
49,691
|
|
|
Cost of revenue
|
|
11,088
|
|
(45)
|
|
11,043
|
|
|
Gross profit
|
|
38,603
|
|
45
|
|
38,648
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
18,872
|
|
(430)
|
|
18,442
|
|
|
Product and web site
development
|
|
8,136
|
|
(308)
|
|
7,828
|
|
|
General and
administrative
|
|
10,800
|
|
(964)
|
|
9,836
|
|
|
Amortization of
intangibles
|
|
104
|
|
—
|
|
104
|
|
|
Total operating
expenses
|
|
37,912
|
|
(1,702)
|
|
36,210
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing
operations
|
$
|
691
|
$
|
1,747
|
$
|
2,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
June 30, 2009
|
|
|
|
(unaudited)
|
|
|
|
As Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
|
Revenue
|
$
|
54,637
|
$
|
—
|
$
|
54,637
|
|
|
Cost of revenue
|
|
12,804
|
|
(46)
|
|
12,758
|
|
|
Gross profit
|
|
41,833
|
|
46
|
|
41,879
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
21,387
|
|
(604)
|
|
20,783
|
|
|
Product and web site
development
|
|
6,425
|
|
(187)
|
|
6,238
|
|
|
General and
administrative
|
|
11,364
|
|
(334)
|
|
11,030
|
|
|
Amortization of
intangibles
|
|
108
|
|
—
|
|
108
|
|
|
Litigation settlement
|
|
975
|
|
—
|
|
975
|
|
|
Total operating
expenses
|
|
40,259
|
|
(1,125)
|
|
39,134
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing
operations
|
$
|
1,574
|
$
|
1,171
|
$
|
2,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE, INC.
OPERATING RESULTS
NET OF STOCK-BASED COMPENSATION
EXPENSE
(in thousands)
|
|
|
|
Six Months Ended
|
|
|
|
June 30, 2010
|
|
|
|
(unaudited)
|
|
|
|
As Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
|
Revenue
|
$
|
98,334
|
$
|
—
|
$
|
98,334
|
|
|
Cost of revenue
|
|
22,016
|
|
(92)
|
|
21,924
|
|
|
Gross profit
|
|
76,318
|
|
92
|
|
76,410
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
37,204
|
|
(840)
|
|
36,364
|
|
|
Product and web site
development
|
|
16,662
|
|
(790)
|
|
15,872
|
|
|
General and
administrative
|
|
21,489
|
|
(1,917)
|
|
19,572
|
|
|
Amortization of
intangibles
|
|
209
|
|
—
|
|
209
|
|
|
Total operating
expenses
|
|
75,564
|
|
(3,547)
|
|
72,017
|
|
|
|
|
|
|
|
|
|
|
Operating income from continuing
operations
|
$
|
754
|
$
|
3,639
|
$
|
4,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
June 30, 2009
|
|
|
|
(unaudited)
|
|
|
|
As Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
|
Revenue
|
$
|
109,505
|
$
|
—
|
$
|
109,505
|
|
|
Cost of revenue
|
|
25,451
|
|
(83)
|
|
25,368
|
|
|
Gross profit
|
|
84,054
|
|
83
|
|
84,137
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
42,149
|
|
(877)
|
|
41,272
|
|
|
Product and web site
development
|
|
12,808
|
|
(327)
|
|
12,481
|
|
|
General and
administrative
|
|
35,001
|
|
(10,372)
|
|
24,629
|
|
|
Amortization of
intangibles
|
|
259
|
|
—
|
|
259
|
|
|
Litigation settlement
|
|
975
|
|
—
|
|
975
|
|
|
Total operating
expenses
|
|
91,192
|
|
(11,576)
|
|
79,616
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) from
continuing operations
|
$
|
(7,138)
|
$
|
11,659
|
$
|
4,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Logo:
http://photos.prnewswire.com/prnh/20080213/MOVEINCLOGO)
(Logo:
http://www.newscom.com/cgi-bin/prnh/20080213/MOVEINCLOGO)
SOURCE Move, Inc.
Copyright g. 5 PR Newswire