SAN JOSE, Calif., Feb. 12, 2013 /PRNewswire/ -- Move, Inc. (NASDAQ:
MOVE), the leader in online real estate, today reported financial
results for the fourth quarter and fiscal year ended December 31, 2012.
Revenue for the quarter was $52.7
million, an increase of $5.5
million, or 12 percent, from $47.3
million in the fourth quarter of 2011. Net income applicable
to common stockholders was $1.6
million, or $0.04 per diluted
share, compared to $3.4 million, or
$0.09 per diluted share, in the
fourth quarter of 2011. Net income applicable to common
stockholders was reduced by $.02 per
diluted share as a result of incremental amortization related to
two acquisitions the company made during the year. Non-GAAP
Adjusted EBITDA was $7.8 million, a
decrease of $0.8 million, or 10
percent, from $8.6 million in the
fourth quarter of 2011. As a percentage of revenue, Adjusted EBITDA
improved to 15 percent of revenue in the fourth quarter of 2012
compared to 14 percent in the third quarter of 2012. Move 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.
Steve Berkowitz, chief executive
officer of Move said, "Move finished the year strongly, setting the
stage for double-digit revenue growth in 2013. We executed very
well across our core strategic initiatives in 2012 by improving the
content and experience for consumers, enhancing our product
offerings to customers, strengthening our role as a key partner to
the real estate industry, and innovating to capitalize on the rapid
consumer migration to mobile. Leveraging our expanding assets for
consumers and customers, Move has laid the foundation to accelerate
growth and expand profitably in 2013 and beyond. Through our
consumer advertising and proprietary software and services
products, we are uniquely poised to provide an end-to-end solution
for the industry based on our ability to serve the entire supply
chain."
2012 Highlights:
- Consumer Engagement -- Web: Realtor.com continued to
lead the industry in connecting real estate professionals with
serious home buyers and sellers. Consumers viewed nearly 1.0
billion pages and spent nearly 1.0 billion minutes on the
Realtor.com website in the fourth quarter, with approximately 95
percent of that usage occurring on properties for sale. Realtor.com
continues to experience significant repeat usage with consumers
visiting an average of approximately 4 times per month, nearly 50
percent more than the nearest competitor.
- Consumer Engagement -- Mobile: Mobile usage continues to
grow dramatically. Page views from mobile grew by 90 percent
year-over-year, leads from mobile grew by more than 120 percent
year-over-year, and nearly 50 percent of homes viewed across all
platforms now occur on mobile devices in the fourth quarter.
Additionally, mobile engagement as measured by pages viewed and
leads delivered per user is 6-7x that of the website.
- Consumer Facing Initiatives: In October 2012, Move completed the first phase of
the Realtor.com site redesign, enhancing the user experience,
making search more intuitive and increasing functionality. The
Company continued to expand its content for adjacent consumer
segments, adding new rental communities to its rental content and
creating the largest lead generation moving site in the nation
after combining its acquisition of Relocation.com with its
Moving.com business.
- Customer Facing Initiatives: Move continued to add
capabilities to attribute leads to Realtor.com and to demonstrate
the return on investment (ROI) of its products, including the
launch of a toll-free tracking system. The Company made Co-Broke
Connections available on all mobile platforms and based on traffic
growth, continued to expand Co-Broke inventory by opening up more
zip codes and the number of available slots within various zip
codes. Move strategically expanded its software and service product
offering through the acquisition of TigerLead Solutions in
September 2012, which dramatically
improves the conversion process for agents and agent teams.
- ListHub / Syndication: During 2012, Move grew the number
of unique MLS agreements for ListHub from 405 to 451 and added 40
new publishers continuing to expand its distribution network. In
April 2012, ListHub launched the
Preferred Publisher Program, providing greater transparency,
control and protection to real estate brokers syndicating listings,
by allowing them to quickly identify preferred publishers and
publisher rules, rate publisher websites and access reports.
- Mobile: Move is creating a seamless experience
across all types of mobile devices and released several updated
versions of its mobile apps in 2012, with new features and
functionality. In October 2012, the
Company released the mobile version of its website, and in
September 2012, it launched a free
co-branded mobile application and collaborative search product for
real-estate professionals.
For the full year ended December 31,
2012, Move reported revenue of $199.2
million, an increase of $7.5
million, or 4 percent compared to $191.7 million in 2011. Net income applicable to
common stockholders in 2012 was $4.7
million, or $0.12 per share,
compared to $3.2 million, or
$0.08 per share, in 2011. Net income
applicable to common stockholders was reduced by $.02 per diluted share as a result of incremental
amortization related to two acquisitions the Company made during
the year. Non-GAAP Adjusted EBITDA for 2012 was $26.9 million, an increase of $1.2 million, or 5 percent, from $25.7 million for 2011. As a percentage of
revenue, Adjusted EBITDA improved to 14 percent of revenue in 2012
compared to 13 percent in 2011.
Business Outlook
For the quarter ending March 31,
2013, Move expects revenue of approximately $53.5-54.0 million and expects to report Adjusted
EBITDA margin of approximately 11-12 percent.
For the year ending December 31,
2013, Move expects revenue to range between $222 million and $226 million and expects to
report Adjusted EBITDA margin of approximately 15 percent.
Conference Call
As previously announced, Move will host a conference call, which
will be broadcast live over the Internet today, Tuesday, February 12, 2013. To access the call,
please dial (877) 312-5848, or outside the U.S. (253) 237-1155,
five minutes prior to 1:30 p.m. Pacific
Standard Time. A live webcast of the call will also be
available at http://investor.move.com under the Events &
Presentations menu.
An audio replay will be available between 4:30 p.m. Pacific Standard Time February 12, 2013, and 8:59 p.m. Pacific Standard Time February 16, 2013, (855) 859-2056 or (404)
537-3406, with Conference ID 89689878. A replay of the call will
also be available at http://investor.move.com.
Analyst & Investor Day Information
Move will host an Analyst and Investor Day on March 12, 2013 at the Eventi Hotel in
New York City. Key members of the
senior management team will host a series of presentations
beginning at 1:30 p.m. Eastern Daylight
Time, providing insight into the business and strategic
initiatives for 2013 and beyond. Financial analysts and investors
may register to attend by contacting Marta
Nichols by email at Marta.Nichols@move.com. Space is limited
and pre-registration is required for admittance to the event.
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 net income excluding net interest income,
income tax expense and certain other noncash and nonrecurring
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 twelve-month periods ended
December 31, 2012 and 2011 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
provide a more consistent basis for comparison between quarters and
should be carefully evaluated. 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.
Forward-Looking Statements
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
and operator of REALTOR.com®, the official website of
the National Association of REALTORS®; Move.com, a
leading destination for new homes and rental listings, moving, home
and garden, and home finance; ListHubTM, the leading
syndicator of real estate listings; Moving.comTM;
SeniorHousingNet; SocialBios; TigerLead®;; and TOP
PRODUCER® Systems. Move, Inc. is based in San Jose, California. SOURCE Move,
Inc.
MOVE,
INC.
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
December
31,
|
|
Twelve
Months Ended
December
31,
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
52,737
|
|
$
|
47,268
|
|
$
|
199,233
|
|
$
|
191,724
|
Cost of
revenue(1)
|
|
11,904
|
|
|
9,166
|
|
|
41,413
|
|
|
40,369
|
Gross
profit
|
|
40,833
|
|
|
38,102
|
|
|
157,820
|
|
|
151,355
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing(1)
|
|
18,092
|
|
|
16,090
|
|
|
71,097
|
|
|
68,614
|
Product
and web site development(1)
|
|
9,738
|
|
|
7,833
|
|
|
37,341
|
|
|
34,732
|
General
and administrative(1)
|
|
10,846
|
|
|
10,115
|
|
|
42,360
|
|
|
40,467
|
Amortization of intangible assets
|
|
981
|
|
|
397
|
|
|
2,275
|
|
|
1,505
|
Total
operating expenses
|
|
39,657
|
|
|
34,435
|
|
|
153,073
|
|
|
145,318
|
Operating
income
|
|
1,176
|
|
|
3,667
|
|
|
4,747
|
|
|
6,037
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
(expense) income, net
|
|
(6)
|
|
|
18
|
|
|
(6)
|
|
|
51
|
Earnings
of unconsolidated joint venture
|
|
482
|
|
|
267
|
|
|
1,192
|
|
|
985
|
Other
income, net
|
|
158
|
|
|
182
|
|
|
89
|
|
|
460
|
Income
before income taxes
|
|
1,810
|
|
|
4,134
|
|
|
6,022
|
|
|
7,533
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
222
|
|
|
150
|
|
|
397
|
|
|
273
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
1,588
|
|
|
3,984
|
|
|
5,625
|
|
|
7,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible preferred stock dividend and related
accretion
|
|
—
|
|
|
(563)
|
|
|
(942)
|
|
|
(4,069)
|
Net income
applicable to common stockholders
|
$
|
1,588
|
|
$
|
3,421
|
|
$
|
4,683
|
|
$
|
3,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share applicable to common stockholders
|
$
|
0.04
|
|
$
|
0.09
|
|
$
|
0.12
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
net income per share applicable to common stockholders
|
$
|
0.04
|
|
$
|
0.09
|
|
$
|
0.12
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
used to calculate net income per share applicable to common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
38,834
|
|
|
38,175
|
|
|
38,705
|
|
|
39,114
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
39,800
|
|
|
38,922
|
|
|
39,721
|
|
|
39,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
$
|
75
|
|
$
|
51
|
|
$
|
268
|
|
$
|
221
|
Sales and
marketing
|
|
408
|
|
|
285
|
|
|
1,962
|
|
|
1,351
|
Product and web site
development
|
|
526
|
|
|
261
|
|
|
1,938
|
|
|
1,176
|
General and
administrative
|
|
1,297
|
|
|
788
|
|
|
3,725
|
|
|
2,768
|
|
$
|
2,306
|
|
$
|
1,385
|
|
$
|
7,893
|
|
$
|
5,516
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
|
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
2012
|
|
|
December
31,
2011
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash
|
$
|
27,122
|
|
$
|
87,579
|
Accounts
receivable, net
|
|
11,759
|
|
|
11,719
|
Other
current assets
|
|
7,215
|
|
|
7,086
|
Total
current assets
|
|
46,096
|
|
|
106,384
|
|
|
|
|
|
|
Property
and equipment, net
|
|
21,975
|
|
|
20,487
|
Investment
in unconsolidated joint venture
|
|
4,924
|
|
|
5,711
|
Goodwill,
net
|
|
38,560
|
|
|
24,450
|
Intangible
assets, net
|
|
24,444
|
|
|
7,319
|
Other
assets
|
|
870
|
|
|
570
|
Total
assets
|
$
|
136,869
|
|
$
|
164,921
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
4,741
|
|
$
|
5,851
|
Accrued
expenses
|
|
20,512
|
|
|
14,782
|
Deferred
revenue
|
|
8,520
|
|
|
9,809
|
Total
current liabilities
|
|
33,773
|
|
|
30,442
|
|
|
|
|
|
|
Other
noncurrent liabilities
|
|
5,086
|
|
|
3,264
|
Total
liabilities
|
|
38,859
|
|
|
33,706
|
|
|
|
|
|
|
Series B
convertible preferred stock
|
|
—
|
|
|
48,555
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Series A
convertible preferred stock
|
|
—
|
|
|
—
|
Common
stock
|
|
39
|
|
|
39
|
Additional
paid-in capital
|
|
2,132,189
|
|
|
2,121,483
|
Accumulated other comprehensive income
|
|
219
|
|
|
258
|
Accumulated deficit
|
|
(2,034,437)
|
|
|
(2,039,120)
|
Total
stockholders' equity
|
|
98,010
|
|
|
82,660
|
Total
liabilities and stockholders' equity
|
$
|
136,869
|
|
$
|
164,921
|
|
|
|
|
|
|
MOVE,
INC.
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31,
|
|
2012
|
|
2011
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
Net
income
|
$
|
5,625
|
|
$
|
7,260
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
Depreciation
|
|
9,551
|
|
|
9,393
|
Amortization of intangible assets
|
|
2,275
|
|
|
1,505
|
Provision
for doubtful accounts
|
|
528
|
|
|
190
|
Stock-based compensation and charges
|
|
8,272
|
|
|
5,907
|
Loss on
sales and disposals of assets
|
|
61
|
|
|
126
|
Earnings
of unconsolidated joint venture
|
|
(1,192)
|
|
|
(985)
|
Return on
investment in unconsolidated joint venture
|
|
1,192
|
|
|
1,152
|
Other
noncash items
|
|
(74)
|
|
|
(88)
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(422)
|
|
|
(2,229)
|
Other
assets
|
|
(328)
|
|
|
1,292
|
Accounts
payable and accrued expenses
|
|
5,047
|
|
|
(2,060)
|
Deferred
revenue
|
|
(1,435)
|
|
|
(3,880)
|
Net cash
provided by operating activities
|
|
29,100
|
|
|
17,583
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
Purchases
of property and equipment
|
|
(11,025)
|
|
|
(8,099)
|
Proceeds
from sale of assets
|
|
9
|
|
|
—
|
Acquisitions, net of cash acquired
|
|
(31,725)
|
|
|
(500)
|
Proceeds
from dissolution of joint venture
|
|
—
|
|
|
499
|
Return of
investment in unconsolidated joint venture
|
|
787
|
|
|
788
|
Net cash
used in investing activities
|
|
(41,954)
|
|
|
(7,312)
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
Principal
payments on loan payable
|
|
(111)
|
|
|
(103)
|
Redemption
of convertible preferred stock
|
|
(49,044)
|
|
|
(70,000)
|
Payment of
dividends on convertible preferred stock
|
|
(882)
|
|
|
(2,008)
|
Proceeds
from exercise of stock options
|
|
3,108
|
|
|
834
|
Tax
payment related to net share settlements of restricted stock
awards
|
|
(605)
|
|
|
(312)
|
Repurchases of common stock
|
|
(69)
|
|
|
(9,620)
|
Net cash
used in financing activities
|
|
(47,603)
|
|
|
(81,209)
|
|
|
|
|
|
|
Change in
cash and cash equivalents
|
|
(60,457)
|
|
|
(70,938)
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of period
|
|
87,579
|
|
|
158,517
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period
|
$
|
27,122
|
|
$
|
87,579
|
|
|
|
|
|
|
MOVE,
INC.
|
REVENUE
BY TYPE
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Consumer advertising
|
$
|
41,155
|
|
$
|
38,792
|
|
$
|
161,817
|
|
$
|
155,559
|
Software and services
|
|
11,582
|
|
|
8,476
|
|
|
37,416
|
|
|
36,165
|
Total revenue
|
$
|
52,737
|
|
$
|
47,268
|
|
$
|
199,233
|
|
$
|
191,724
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of revenue
|
|
|
|
|
|
|
|
|
|
|
|
Consumer advertising
|
|
78%
|
|
|
82%
|
|
|
81%
|
|
|
81%
|
Software and services
|
|
22%
|
|
|
18%
|
|
|
19%
|
|
|
19%
|
Total
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
|
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED
EBITDA
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
December
31,
|
|
Twelve
Months Ended
December
31,
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
1,588
|
|
$
|
3,984
|
|
$
|
5,625
|
|
$
|
7,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
2,306
|
|
|
1,385
|
|
|
7,893
|
|
|
5,516
|
Stock-based charges
|
|
110
|
|
|
81
|
|
|
379
|
|
|
391
|
Depreciation
|
|
2,356
|
|
|
2,414
|
|
|
9,551
|
|
|
9,393
|
Amortization of intangible assets, including
unconsolidated joint venture
|
|
1,178
|
|
|
594
|
|
|
3,064
|
|
|
2,294
|
Interest
expense (income), net
|
|
6
|
|
|
(18)
|
|
|
6
|
|
|
(51)
|
Income tax
expense
|
|
222
|
|
|
150
|
|
|
397
|
|
|
273
|
Termination costs from dissolution of joint
venture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
619
|
Adjusted
EBITDA
|
$
|
7,766
|
|
$
|
8,590
|
|
$
|
26,915
|
|
$
|
25,695
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
|
OPERATING RESULTS NET OF STOCK-BASED COMPENSATION
EXPENSE
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
Three
Months Ended
|
|
|
December
31, 2012
|
|
|
December
31, 2011
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
As
Reported
|
|
Stock-based Compensation
|
|
Excluding
Stock-based Compensation
|
|
|
As
Reported
|
|
Stock-based Compensation
|
|
Excluding
Stock-based Compensation
|
Revenue
|
$
|
52,737
|
$
|
—
|
$
|
52,737
|
|
$
|
47,268
|
$
|
—
|
$
|
47,268
|
Cost of
revenue
|
|
11,904
|
|
(75)
|
|
11,829
|
|
|
9,166
|
|
(51)
|
|
9,115
|
Gross
profit
|
|
40,833
|
|
75
|
|
40,908
|
|
|
38,102
|
|
51
|
|
38,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
18,092
|
|
(408)
|
|
17,684
|
|
|
16,090
|
|
(285)
|
|
15,805
|
Product
and web site development
|
|
9,738
|
|
(526)
|
|
9,212
|
|
|
7,833
|
|
(261)
|
|
7,572
|
General
and administrative
|
|
10,846
|
|
(1,297)
|
|
9,549
|
|
|
10,115
|
|
(788)
|
|
9,327
|
Amortization of intangibles
|
|
981
|
|
—
|
|
981
|
|
|
397
|
|
—
|
|
397
|
Total
operating expenses
|
|
39,657
|
|
(2,231)
|
|
37,426
|
|
|
34,435
|
|
(1,334)
|
|
33,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
1,176
|
$
|
2,306
|
$
|
3,482
|
|
$
|
3,667
|
$
|
1,385
|
$
|
5,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended
|
|
|
Twelve
Months Ended
|
|
|
December
31, 2012
|
|
|
December
31, 2011
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
As
Reported
|
|
Stock-based Compensation
|
|
Excluding
Stock-Based Compensation
|
|
|
As
Reported
|
|
Stock-based Compensation
|
|
Excluding
Stock-Based Compensation
|
Revenue
|
$
|
199,233
|
$
|
—
|
$
|
199,233
|
|
$
|
191,724
|
$
|
—
|
$
|
191,724
|
Cost of
revenue
|
|
41,413
|
|
(268)
|
|
41,145
|
|
|
40,369
|
|
(221)
|
|
40,148
|
Gross
profit
|
|
157,820
|
|
268
|
|
158,088
|
|
|
151,355
|
|
221
|
|
151,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
71,097
|
|
(1,962)
|
|
69,135
|
|
|
68,614
|
|
(1,351)
|
|
67,263
|
Product
and web site development
|
|
37,341
|
|
(1,938)
|
|
35,403
|
|
|
34,732
|
|
(1,176)
|
|
33,556
|
General
and administrative
|
|
42,360
|
|
(3,725)
|
|
38,635
|
|
|
40,467
|
|
(2,768)
|
|
37,699
|
Amortization of intangibles
|
|
2,275
|
|
—
|
|
2,275
|
|
|
1,505
|
|
—
|
|
1,505
|
Total
operating expenses
|
|
153,073
|
|
(7,625)
|
|
145,448
|
|
|
145,318
|
|
(5,295)
|
|
140,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
|
4,747
|
$
|
7,893
|
$
|
12,640
|
|
$
|
6,037
|
$
|
5,516
|
$
|
11,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Move, Inc.