CAMPBELL, Calif., Nov. 4, 2010 /PRNewswire-FirstCall/ -- Move, Inc.
(Nasdaq: MOVE), the leader in online real estate, today reported
financial results for the third quarter ended September 30, 2010.
Revenue in the third quarter of 2010 was $50.3 million, compared to $52.9 million in the third quarter of 2009.
Net income applicable to common stockholders, including
discontinued operations, was $375,000, or breakeven per share, in the third
quarter of 2010 compared to a net loss applicable to common
stockholders of $758,000, in the
third quarter of 2009. The company generated $8.4 million of cash from operating activities in
the third quarter of 2010. 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 third quarter of 2010 was
$6.0 million, or 12 percent of
revenue, as compared to $6.8 million,
or 13 percent of revenue, for the third 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.
"In the past year, Move has made significant investments
throughout the company to overhaul our technology, streamline our
operations, develop an integrated product vision, and foster more
solid relationships with our key real estate industry partners.
As we head into the final quarter of 2010, I am pleased to
say our business has turned a corner from stabilization to growth,"
said Steve Berkowitz, chief
executive officer at Move, Inc. "In the past few months, we have
updated our agreement with the National Association of Realtors and
acquired Threewide Corporation, operator of listing syndication
leader ListHub. Recent strategic product releases include the
launch of FIND, a new proprietary data base for real estate
professionals and Multiple Listing Services, delivery of the newly
redesigned Realtor.com, and the launch of our nationally acclaimed
iPhone and Android apps. Move is focused on improving the
connection between real estate professionals and consumers and our
third quarter results demonstrate our relentless commitment to
executing against that objective."
Third Quarter 2010 Highlights:
- Market leadership: Move maintained its leading market position,
leading the industry in unique users and total engagement. In
September, the Move Network attracted 13.4 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 four competitors combined.
- Updated operating agreement with National Association of
Realtors (NAR): Move and NAR updated their 14-year-old operating
agreement to drive more competitive and rapid innovations to
Realtor.com. The updated operating agreement now provides
provisions intended to streamline the development and delivery
process for improvements to site features and functionalities, as
well as clarifies certain areas of content now requiring NAR
approval.
- Acquisition of ListHub: Move acquired Threewide Corp., operator
of ListHub, the nation's largest online real estate listing
syndicator and provider of advanced performance reporting solutions
for brokers, real estate franchises, multiple listing services
(MLSs) and real estate web sites. ListHub products and services
include syndication of 2.4 million property listings from 270+ MLSs
and 38,000 brokers to more than 70 real estate marketing web sites,
as well as streamlined data management and reporting analysis used
to monitor online listing performance.
- iPhone and Android highlight: Move launched the Realtor.com
Real Estate Search Android application this week, building on the
success of Move's Realtor.com iPhone app launched in January of
this year. In the past 10 months, the Realtor.com iPhone app
has been downloaded 2.5 million times with users viewing
approximately 8 million Listing Detail Pages.
- Launch of FIND: FIND is a sophisticated search engine designed
to help MLSs provide their subscribers with fast, flexible and easy
access to their data and Move's real estate content. Designed as a
research tool for real estate professionals, FIND delivers robust,
comprehensive and continually refreshed data in a manner designed
to become a value-added search and data research solution for real
estate professionals that's customized to fit each subscriber's
local marketing needs. In addition, FIND subscribers have access to
all active listings nationwide, and additional status information
including sold, off market, and pending sales from other MLSs using
the FIND application -- all accessed through an intuitive and
natural-language search experience.
- Full release of Realtor.com: Move launched a redesigned
Realtor.com web site backed by new technology that combines
multiple search capabilities into an integrated and seamless search
experience to help consumers find their next property faster while
connecting with greater ease to local real estate experts matching
their needs. Powered by a new platform built with proprietary
technology and a new property database, the #1 homes for sale web
site is now easier to navigate, and property listings and
information important to the home buying process are easier to find
while remaining fresh, accurate and reliable.
- Renewed MSN content agreement: With the recently renewed
agreement, MSN visitors interested in searching for real estate can
continue to access millions of property listings and relevant
information from the Move Network by going to the Money tab located
on the MSN homepage, and selecting Real Estate & Rentals. All
combined, the Move Network and MSN Real Estate reach more than 19.6
million consumers per month who are searching online real estate
sites.
Business Outlook
Move today provided guidance for the fourth quarter ending
December 31, 2010. For the
quarter ending December 31, 2010,
Move expects revenue to range between $49.0
- $50.0 million and expects to report Adjusted EBITDA margin
of approximately 12 percent. For the fiscal year ending
December 31, 2010, this equates to
revenue guidance of approximately $198
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, November 4, 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, November 4,
2010, and 11:59 p.m. ET,
November 18, 2010, by calling (800)
642-1687, or (706) 645-9291, with passcode 16022455.
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
September 30, 2010 is expected to be
filed with the Securities and Exchange Commission on, or before,
November 8, 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 and 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, 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 13.4(1) million monthly visitors to its online network of web
sites. 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; Top Producer Systems, and ListHub. Move, Inc. is
based in Campbell, California.
(1) comScore Media Metrics, September
2010
(Logo:
http://photos.prnewswire.com/prnh/20080213/MOVEINCLOGO)
(Logo:
http://www.newscom.com/cgi-bin/prnh/20080213/MOVEINCLOGO)
MOVE,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in
thousands, except per share amounts)
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
50,256
|
|
$
|
52,866
|
|
$
|
148,590
|
|
$
|
162,371
|
|
Cost of revenue (1)
|
|
10,766
|
|
|
12,014
|
|
|
32,782
|
|
|
37,465
|
|
Gross profit
|
|
39,490
|
|
|
40,852
|
|
|
115,808
|
|
|
124,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
18,631
|
|
|
18,787
|
|
|
55,835
|
|
|
60,936
|
|
Product and web site
development
|
|
8,855
|
|
|
7,650
|
|
|
25,517
|
|
|
20,458
|
|
General and
administrative
|
|
10,877
|
|
|
16,226
|
|
|
32,366
|
|
|
51,227
|
|
Amortization of intangible
assets
|
|
139
|
|
|
107
|
|
|
348
|
|
|
366
|
|
Litigation
settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
975
|
|
Restructuring
charges
|
|
—
|
|
|
(1,192)
|
|
|
—
|
|
|
(1,192)
|
|
Total operating
expenses
|
|
38,502
|
|
|
41,578
|
|
|
114,066
|
|
|
132,770
|
|
Operating income (loss) from
continuing operations
|
|
988
|
|
|
(726)
|
|
|
1,742
|
|
|
(7,864)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
33
|
|
|
279
|
|
|
767
|
|
|
728
|
|
Earnings of unconsolidated
joint venture
|
|
342
|
|
|
—
|
|
|
641
|
|
|
—
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
(19,559)
|
|
|
—
|
|
Other income (expense),
net
|
|
(42)
|
|
|
1,250
|
|
|
(1,144)
|
|
|
1,741
|
|
Income (loss) from continuing
operations before income taxes
|
|
1,321
|
|
|
803
|
|
|
(17,553)
|
|
|
(5,395)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
|
(404)
|
|
|
50
|
|
|
(313)
|
|
|
227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations
|
|
1,725
|
|
|
753
|
|
|
(17,240)
|
|
|
(5,622)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations
|
|
—
|
|
|
(196)
|
|
|
—
|
|
|
(445)
|
|
Gain on disposition of
discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,303
|
|
Net income (loss)
|
|
1,725
|
|
|
557
|
|
|
(17,240)
|
|
|
(3,764)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred
stock dividend and related accretion
|
|
(1,350)
|
|
|
(1,315)
|
|
|
(4,024)
|
|
|
(3,920)
|
|
Net income (loss) applicable to
common stockholders
|
$
|
375
|
|
$
|
(758)
|
|
$
|
(21,264)
|
|
$
|
(7,684)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share applicable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.14)
|
|
$
|
(0.06)
|
|
Discontinued
operations
|
|
—
|
|
|
(0.00)
|
|
|
—
|
|
|
0.01
|
|
Basic net income (loss) per
share applicable to common stockholders:
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.14)
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per
share applicable to common stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.14)
|
|
$
|
(0.06)
|
|
Discontinued
operations
|
|
—
|
|
|
(0.00)
|
|
|
—
|
|
|
0.01
|
|
Diluted net income (loss) per
share applicable to common stockholders
|
$
|
0.00
|
|
$
|
(0.00)
|
|
$
|
(0.14)
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculation of
net income (loss) per share applicable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
155,711
|
|
|
153,344
|
|
|
154,957
|
|
|
153,139
|
|
Diluted
|
|
159,527
|
|
|
153,344
|
|
|
154,957
|
|
|
153,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based
compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
44
|
|
$
|
54
|
|
$
|
136
|
|
$
|
137
|
|
Sales and
marketing
|
|
400
|
|
|
472
|
|
|
1,240
|
|
|
1,349
|
|
Product and web
site development
|
|
453
|
|
|
166
|
|
|
1,243
|
|
|
493
|
|
General and
administrative
|
|
875
|
|
|
2,919
|
|
|
2,792
|
|
|
13,291
|
|
|
$
|
1,772
|
|
$
|
3,611
|
|
$
|
5,411
|
|
$
|
15,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
CONSOLIDATED
BALANCE SHEETS
(in
thousands)
|
|
|
|
September
30,
2010
|
|
|
December
31,
2009
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
155,621
|
|
$
|
106,847
|
|
Accounts receivable,
net
|
|
9,814
|
|
|
10,782
|
|
Other current
assets
|
|
9,856
|
|
|
12,101
|
|
Total current
assets
|
|
175,291
|
|
|
129,730
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
21,424
|
|
|
21,139
|
|
Long-term investments
|
|
—
|
|
|
111,800
|
|
Investment in unconsolidated
joint venture
|
|
7,290
|
|
|
6,649
|
|
Goodwill, net
|
|
24,581
|
|
|
16,969
|
|
Intangible assets,
net
|
|
8,672
|
|
|
3,460
|
|
Other assets
|
|
1,288
|
|
|
1,548
|
|
Total assets
|
$
|
238,546
|
|
$
|
291,295
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
4,352
|
|
$
|
5,545
|
|
Accrued
expenses
|
|
18,964
|
|
|
18,335
|
|
Deferred
revenue
|
|
15,581
|
|
|
15,951
|
|
Line of credit
|
|
—
|
|
|
64,630
|
|
Total current
liabilities
|
|
38,897
|
|
|
104,461
|
|
|
|
|
|
|
|
|
Other non-current
liabilities
|
|
3,527
|
|
|
1,096
|
|
Total
liabilities
|
|
42,424
|
|
|
105,557
|
|
|
|
|
|
|
|
|
Series B convertible preferred
stock
|
|
115,565
|
|
|
111,541
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Series A convertible
preferred stock
|
|
—
|
|
|
—
|
|
Common stock
|
|
158
|
|
|
156
|
|
Additional paid-in
capital
|
|
2,122,745
|
|
|
2,112,613
|
|
Accumulated other
comprehensive income
|
|
374
|
|
|
(17,116)
|
|
Accumulated
deficit
|
|
(2,042,720)
|
|
|
(2,021,456)
|
|
Total stockholders’
equity
|
|
80,557
|
|
|
74,197
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity
|
$
|
238,546
|
|
$
|
291,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30,
|
|
|
2010
|
|
2009
|
|
|
(unaudited)
|
|
Cash flows from continuing
operating activities:
|
|
|
|
|
|
|
Net Loss
|
$
|
(17,240)
|
|
$
|
(3,764)
|
|
Adjustments to reconcile net
loss to net cash provided by continuing operating
activities:
|
|
|
|
|
|
|
Loss from discontinued
operations
|
|
—
|
|
|
445
|
|
Gain on disposition of
discontinued operations
|
|
—
|
|
|
(2,303)
|
|
Depreciation
|
|
7,637
|
|
|
7,853
|
|
Amortization of intangible
assets
|
|
348
|
|
|
366
|
|
Provision for doubtful
accounts
|
|
(84)
|
|
|
1,024
|
|
Gain on sale of
assets
|
|
—
|
|
|
(1,308)
|
|
Impairment of auction rate
securities
|
|
19,559
|
|
|
—
|
|
Stock-based compensation
and charges
|
|
5,765
|
|
|
15,647
|
|
Earnings of unconsolidated
joint venture
|
|
(641)
|
|
|
—
|
|
Change in market value of
embedded derivative liability
|
|
—
|
|
|
(536)
|
|
Other non-cash
items
|
|
(153)
|
|
|
(83)
|
|
Changes in operating assets and
liabilities, net of acquisitions and discontinued
operations:
|
|
|
|
|
|
|
Accounts
receivable
|
|
1,346
|
|
|
130
|
|
Other assets
|
|
1,059
|
|
|
(998)
|
|
Accounts payable and
accrued expenses
|
|
675
|
|
|
155
|
|
Deferred
revenue
|
|
(602)
|
|
|
(6,433)
|
|
|
|
|
|
|
|
|
Net cash provided by
continuing operating activities
|
|
17,669
|
|
|
10,195
|
|
Net cash used in
discontinued operating activities
|
|
—
|
|
|
(1,843)
|
|
Net cash provided by
operating activities
|
|
17,669
|
|
|
8,352
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
Purchases of property and
equipment
|
|
(7,838)
|
|
|
(7,711)
|
|
Acquisitions, net of cash
acquired
|
|
(12,371)
|
|
|
—
|
|
Proceeds from the sale of
auction rate securities
|
|
109,841
|
|
|
—
|
|
Principal payments on notes
receivable
|
|
1,000
|
|
|
—
|
|
Proceeds from sale of
assets
|
|
—
|
|
|
1,355
|
|
Proceeds from the sale of
marketable equity securities
|
|
14
|
|
|
—
|
|
Net cash provided by (used
in) continuing investing activities
|
|
90,646
|
|
|
(6,356)
|
|
Net cash provided by
discontinued operations
|
|
—
|
|
|
1,739
|
|
Net cash provided by (used
in) investing activities
|
|
90,646
|
|
|
(4,617)
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
Proceeds from exercise of stock
options
|
|
4,467
|
|
|
1,859
|
|
Restricted cash
|
|
462
|
|
|
2,747
|
|
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
|
|
(58)
|
|
|
—
|
|
Tax payment related to net share
settlements of restricted stock awards
|
|
(98)
|
|
|
(1,064)
|
|
Payments on capital lease
obligations
|
|
—
|
|
|
(339)
|
|
Net cash provided by (used
in) financing activities
|
|
(59,541)
|
|
|
3,203
|
|
|
|
|
|
|
|
|
Change in cash and cash
equivalents
|
|
48,774
|
|
|
6,938
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period
|
|
106,847
|
|
|
108,935
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period
|
$
|
155,621
|
|
$
|
115,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURE
LOSS FROM
CONTINUING OPERATIONS EXCLUDING INTEREST INCOME, PROVISION FOR
INCOME TAXES, STOCK-BASED COMPENSATION AND CHARGES, DEPRECIATION,
AMORTIZATION, IMPAIRMENT OF AUCTION RATE SECURITIES AND
NON-RECURRING SEVERANCE COSTS (EBITDA)
(in
thousands)
|
|
|
Three Months
Ended September 30,
|
|
Nine Months
Ended September 30,
|
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations
|
$
|
1,725
|
|
$
|
753
|
|
$
|
(17,240)
|
|
$
|
(5,622)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
(33)
|
|
|
(279)
|
|
|
(767)
|
|
|
(728)
|
|
Income tax (benefit)
expense
|
|
(404)
|
|
|
50
|
|
|
(313)
|
|
|
227
|
|
Stock-based
compensation
|
|
1,772
|
|
|
3,611
|
|
|
5,411
|
|
|
15,270
|
|
Stock-based
charges
|
|
87
|
|
|
111
|
|
|
354
|
|
|
377
|
|
Depreciation
|
|
2,482
|
|
|
2,566
|
|
|
7,637
|
|
|
7,853
|
|
Impairment of auction rate
securities
|
|
—
|
|
|
—
|
|
|
19,559
|
|
|
—
|
|
Loss on sale of auction
rate securities
|
|
—
|
|
|
—
|
|
|
1,098
|
|
|
—
|
|
Amortization of intangible
assets, including unconsolidated joint venture
|
|
336
|
|
|
107
|
|
|
1,024
|
|
|
366
|
|
Litigation
settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
975
|
|
Restructuring
charges
|
|
|
|
|
(1,192)
|
|
|
—
|
|
|
(1,192)
|
|
Non-recurring severance
costs
|
|
—
|
|
|
1,093
|
|
|
—
|
|
|
3,490
|
|
Adjusted EBITDA
|
$
|
5,965
|
|
$
|
6,820
|
|
$
|
16,763
|
|
$
|
21,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
OPERATING RESULTS
NET OF
STOCK-BASED COMPENSATION EXPENSE
(in
thousands)
|
|
|
|
Three Months
Ended
|
|
|
|
September
30, 2010
|
|
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
Revenue
|
$
|
50,256
|
$
|
—
|
$
|
50,256
|
|
Cost of revenue
|
|
10,766
|
|
(44)
|
|
10,722
|
|
Gross profit
|
|
39,490
|
|
44
|
|
39,534
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
18,631
|
|
(400)
|
|
18,231
|
|
Product and web site
development
|
|
8,855
|
|
(453)
|
|
8,402
|
|
General and
administrative
|
|
10,877
|
|
(875)
|
|
10,002
|
|
Amortization of
intangibles
|
|
139
|
|
—
|
|
139
|
|
Total operating
expenses
|
|
38,502
|
|
(1,728)
|
|
36,774
|
|
|
|
|
|
|
|
|
|
Operating income from continuing
operations
|
$
|
988
|
$
|
1,772
|
$
|
2,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
OPERATING RESULTS
NET OF
STOCK-BASED COMPENSATION EXPENSE
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
September
30, 2010
|
|
(unaudited)
|
|
|
|
As
Reported
|
|
Stock-based
Compensation
|
|
Excluding
Stock-Based
Compensation
|
|
Revenue
|
$
|
148,590
|
$
|
—
|
$
|
148,590
|
|
Cost of revenue
|
|
32,782
|
|
(136)
|
|
32,646
|
|
Gross profit
|
|
115,808
|
|
136
|
|
115,944
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
55,835
|
|
(1,240)
|
|
54,595
|
|
Product and web site
development
|
|
25,517
|
|
(1,243)
|
|
24,274
|
|
General and
administrative
|
|
32,366
|
|
(2,792)
|
|
29,574
|
|
Amortization of
intangibles
|
|
348
|
|
—
|
|
348
|
|
Total operating
expenses
|
|
114,066
|
|
(5,275)
|
|
108,791
|
|
|
|
|
|
|
|
|
|
Operating income from continuing
operations
|
$
|
1,742
|
$
|
5,411
|
$
|
7,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Move, Inc.