SAN JOSE, Calif., July 29, 2014 /PRNewswire/ -- Move, Inc. (NASDAQ:
MOVE), the leader in providing consumers the most accurate U.S.
residential listings online, today reports a 7% revenue increase
year-over-year for the second quarter ended June 30, 2014, marking nine consecutive quarters
of growth.
Second Quarter 2014 Highlights
- Increased revenue 7% year-over-year to $61.3 million;
- Increased Consumer Advertising revenue 6% year-over-year to
$47.4 million;
- Increased Software and Services revenue 8% year-over-year to
$13.9 million;
- Non-GAAP Adjusted EBITDA was $3.1
million compared to $7.0
million in the prior year; and
- Average monthly unique users of realtor.com®'s web
and mobile sites grew 18% year-over-year to 31.2 million in the
second quarter.
"Once again, our team succeeded in significantly growing our
business and strengthening our bonds with consumers and real estate
professionals through creative campaigns and products," said
Steve Berkowitz, Move's chief
executive officer. "There is enormous value to be created in
this business. We believe that because our platform is
populated with better content from actual realtors, there is huge
opportunity ahead of us."
Second Quarter 2014 Financial Results
Despite a dedicated denial of service attack ("DDoS") that
disrupted our websites for several days, revenue for the quarter
was $61.3 million, an increase of
$3.8 million, or 7%, from
$57.5 million in the second quarter
of 2013. Absent the impact of the DDoS attack, we estimate
that revenue could have been closer to $62
million. Revenue from Consumer Advertising
products increased 6% to $47.4
million in the second quarter of 2014 compared to the same
period in 2013. Revenue from Software and Services products
increased 8% to $13.9 million
compared to the second quarter of 2013.
Non-GAAP Adjusted EBITDA ("Adjusted EBITDA") was $3.1 million in the second quarter of 2014
compared to $7.0 million in the
second quarter of 2013. We estimate that, without the DDoS
attack, Adjusted EBITDA could have been closer to $4 million. The decrease in Adjusted EBITDA
was a direct result of the anticipated increased investment in our
Accuracy Matters marketing campaign. As a percentage
of revenue, Adjusted EBITDA was 5% in the second quarter of
2014. Non-GAAP Loss Per Share was $0.03 per diluted share in the second quarter of
2014 compared to Non-GAAP Earnings Per Share of $0.11 per diluted share in the second quarter of
2013. Move has reported Adjusted EBITDA and Non-GAAP
Earnings/(Loss) Per Share because management uses them to monitor
and assess Move's performance and believes they are helpful to
investors in understanding Move's business.
Cash provided by operating activities was $2.6 million and $6.7
million for the quarters ended June
30, 2014 and 2013, respectively.
Operating and Business Results
- Successfully launched changes to the ConnectionSM
for Co-Brokerage business model to optimize page yield, improve the
consumer experience and sell homes faster;
- Launched phase two of our brand advertising campaign on
national television promoting Accuracy Matters;
- Gained greater support from the National Association of
REALTORS® through their new accuracy advertising
campaign, which will double the reach and frequency for the
realtor.com® brand;
- Launched a mobile mortgage application, co-sponsored by
BankrateTM, reflecting our effort to put the most
important information at consumers' fingertips;
- Added new home listings to our mobile applications allowing
consumers to access nearly 60,000 new-home plans from approximately
7,500 new-home communities;
- Grew ListHub™ MLS connections by more than 40 new MLSs since
the beginning of the year for a total of more than 500 data
sources, or 70% of residential listings in the country;
- Created stronger industry bonds by placing talented veterans in
lead positions, including the promotion of Luke Glass, executive vice president of industry
platforms, and hiring our first Chief Economist Jonathan Smoke; and
- Successful recovery from a distributed denial of service attack
that intermittently interrupted our websites for several days.
Business Outlook
For the quarter ending September 30,
2014, Move expects revenue of approximately $65 million and expects to report Adjusted EBITDA
of approximately $4.5 million.
For the year ending December 31,
2014, Move expects revenue of $252
million to $254 million, and expects to report Adjusted
EBITDA of approximately $28
million.
Conference Call
Move will host a conference call
broadcast today, Tuesday, July 29,
2014 at 1:30 p.m. Pacific Daylight
Time (4:30 p.m. Eastern Daylight
Time). To access the call, please dial (877) 870-4263,
or outside the U.S. (412) 317-0790, five minutes prior to
1:30 p.m. Pacific Daylight Time.
A live webcast of the call also will be available at
http://investor.move.com under the Events & Presentations
menu.
An audio replay will be available between 6:30 p.m. Eastern Daylight Time July 29, 2014 and 11:59
p.m. Eastern Daylight Time August 7,
2014, by calling (877) 344-7529 or (412) 317-0088, with
Conference ID 10048797. An audio archive of the call will
also be available at http://investor.move.com.
Use of Non-GAAP Financial Measures—Adjusted EBITDA and
Non-GAAP Earnings/(Loss) Per Share
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 expense,
income tax expense and certain other non-cash and non-recurring
items, principally depreciation, amortization and stock-based
compensation and charges, which is referred to as Adjusted EBITDA.
Move also uses a non-GAAP measure of net income excluding
stock-based compensation and charges, amortization of intangible
assets, and amortization of debt discount and issuance costs, on a
per share basis, which is referred to as Non-GAAP Earnings/(Loss)
Per Share. Additionally, the Company has presented a non-GAAP
table of Financial Data for the three- and six-month periods ended
June 30, 2014 and 2013 that extracts
stock-based compensation and charges. 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 and Non-GAAP
Earnings/(Loss) Per Share 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.
Unique Users
Move calculates total average monthly
unique users across its network of websites and mobile applications
as follows: We count a unique user the first time an
individual accesses one of our mobile applications using a mobile
device during a calendar month and the first time an individual
accesses one of our websites using a web browser during a calendar
month. If an individual accesses our mobile applications
using different mobile devices within a given calendar month, the
first instance of access by each such mobile device is counted as a
separate unique user. If an individual accesses our websites
using different web browsers within a calendar month, the first
instance of access by each such web browser is counted as a
separate unique user. If an individual accesses more than one
of our websites from the same web browser in a calendar month, the
first instance of access to each website is counted as a separate
unique user. We measure unique users to our mobile
applications using Omniture. We primarily measure unique
users to our network of websites using Omniture. We use
Google Analytics to measure unique users to certain websites that
amount to less than 5% of our total unique user
metric.
Forward-Looking Statements
This news 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), a
leading provider of online real estate services, operates
realtor.com®, which connects people to the essential,
accurate information needed to identify their
perfect home and to the REALTORS® whose
expertise guides consumers through buying and selling. As the
official website for the National Association of
REALTORS®, realtor.com® empowers
consumers to make smart home buying, selling and renting decisions
by leveraging its direct, real-time connections with more than 800
multiple listing services (MLS) via all types of computers, tablets
and smart telephones. Realtor.com® is where
home happens. Move's network of websites provides consumers a
wealth of innovative tools and accurate information
including Doorsteps®, HomeInsightSM,
SocialBiosSM, Moving.com™, homefairSM,
SeniorHousingNetSM, and Relocation.com. Move
supports real estate agents and brokerages by providing many
services to grow their businesses, including ListHub™, the
nation's leading listing syndicator and centralized
intelligence platform for the real estate
industry; TigerLead®; Top
Producer® Systems;
and FiveStreetSM; as well as many free
services. Move is based in the heart of the Silicon Valley —
San Jose, CA.
REALTOR® and REALTOR.COM® are
trademarks of the National Association of
REALTORS® and are used with its permission.
Investor Relations Contact:
Jessica Thorsheim, CFA
Jessica.Thorsheim@move.com
408-558-7149
Media Contact:
Mary A. C.
Fallon
Mary.Fallon@move.com
408-558-7191
408-499-4063 mobile
MOVE,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
61,319
|
|
$
|
57,490
|
|
$
|
119,332
|
|
$
|
111,728
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue(1)(2)
|
|
12,732
|
|
|
11,790
|
|
|
24,844
|
|
|
22,653
|
Sales and
marketing(1)(2)
|
|
30,047
|
|
|
22,980
|
|
|
55,440
|
|
|
44,648
|
Product and web site
development(1)
|
|
10,342
|
|
|
9,583
|
|
|
21,469
|
|
|
19,429
|
General and
administrative(1)
|
|
12,287
|
|
|
11,985
|
|
|
24,299
|
|
|
23,523
|
Amortization of
intangible assets
|
|
1,199
|
|
|
1,063
|
|
|
2,496
|
|
|
2,062
|
Total costs and
operating expenses
|
|
66,607
|
|
|
57,401
|
|
|
128,548
|
|
|
112,315
|
(Loss) income from
operations
|
|
(5,288)
|
|
|
89
|
|
|
(9,216)
|
|
|
(587)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
(1,647)
|
|
|
(13)
|
|
|
(3,214)
|
|
|
(27)
|
Earnings of
unconsolidated joint venture
|
|
895
|
|
|
463
|
|
|
1,720
|
|
|
1,065
|
Other expense,
net
|
|
(51)
|
|
|
(8)
|
|
|
(57)
|
|
|
(35)
|
(Loss) income before
income taxes
|
|
(6,091)
|
|
|
531
|
|
|
(10,767)
|
|
|
416
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expense
|
|
202
|
|
|
65
|
|
|
708
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
|
(6,293)
|
|
$
|
466
|
|
$
|
(11,475)
|
|
$
|
366
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss)
income per share
|
$
|
(0.16)
|
|
$
|
0.01
|
|
$
|
(0.29)
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss)
income per share
|
$
|
(0.16)
|
|
$
|
0.01
|
|
$
|
(0.29)
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate net (loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
39,444
|
|
|
39,480
|
|
|
39,228
|
|
|
39,293
|
Diluted
|
|
39,444
|
|
|
41,428
|
|
|
39,228
|
|
|
40,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation and charges as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
$
|
111
|
|
$
|
85
|
|
$
|
223
|
|
$
|
187
|
Sales and
marketing
|
|
703
|
|
|
587
|
|
|
1,376
|
|
|
1,098
|
Product and web site
development
|
|
978
|
|
|
747
|
|
|
2,815
|
|
|
1,327
|
General and
administrative
|
|
1,190
|
|
|
1,457
|
|
|
2,294
|
|
|
2,887
|
|
$
|
2,982
|
|
$
|
2,876
|
|
$
|
6,708
|
|
$
|
5,499
|
|
(2) Effective
October 1, 2013, the Company elected to change the presentation of
certain lead acquisition costs and to reclassify these costs from
"Cost of revenue" to "Sales and marketing" within its Consolidated
Statements of Operations in order to be more consistent with
certain of its peers and to combine all traffic acquisition costs
that are not considered directly related to the fulfillment of
products into "Sales and marketing." This had the effect of
decreasing "Cost of revenue" and increasing "Sales and marketing"
expense by $2.0 million and $3.8 million, or 4% and 3% of
revenue, for the three and six months ended June 30, 2013,
respectively.
|
MOVE,
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December
31,
|
|
|
2014
|
|
|
2013
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
117,310
|
|
$
|
118,679
|
Accounts receivable,
net
|
|
11,126
|
|
|
11,760
|
Other current
assets
|
|
9,440
|
|
|
8,203
|
Total current
assets
|
|
137,876
|
|
|
138,642
|
|
|
|
|
|
|
Property and
equipment, net
|
|
27,094
|
|
|
23,960
|
Investment in
unconsolidated joint venture
|
|
5,467
|
|
|
4,596
|
Goodwill,
net
|
|
41,630
|
|
|
41,630
|
Intangible assets,
net
|
|
21,917
|
|
|
24,403
|
Other
assets
|
|
3,460
|
|
|
3,558
|
Total
assets
|
$
|
237,444
|
|
$
|
236,789
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
7,292
|
|
$
|
5,912
|
Accrued
expenses
|
|
26,524
|
|
|
26,929
|
Deferred
revenue
|
|
7,430
|
|
|
7,783
|
Total current
liabilities
|
|
41,246
|
|
|
40,624
|
|
|
|
|
|
|
Convertible senior
notes
|
|
84,088
|
|
|
82,459
|
Other noncurrent
liabilities
|
|
5,589
|
|
|
4,876
|
Total
liabilities
|
|
130,923
|
|
|
127,959
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Series A convertible
preferred stock
|
|
—
|
|
|
—
|
Common
stock
|
|
40
|
|
|
39
|
Additional paid-in
capital
|
|
2,151,693
|
|
|
2,142,516
|
Accumulated other
comprehensive income
|
|
126
|
|
|
138
|
Accumulated
deficit
|
|
(2,045,338)
|
|
|
(2,033,863)
|
Total stockholders'
equity
|
|
106,521
|
|
|
108,830
|
Total liabilities and
stockholders' equity
|
$
|
237,444
|
|
$
|
236,789
|
MOVE,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
2014
|
|
2013
|
|
(unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net (loss)
income
|
$
|
(11,475)
|
|
$
|
366
|
Adjustments to
reconcile net (loss) income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization of property and equipment
|
|
6,393
|
|
|
4,918
|
Amortization of
intangible assets
|
|
2,496
|
|
|
2,062
|
Amortization of debt
discount and issuance costs
|
|
1,927
|
|
|
—
|
Provision for
doubtful accounts
|
|
242
|
|
|
271
|
Stock-based
compensation and charges
|
|
6,708
|
|
|
5,499
|
Earnings of
unconsolidated joint venture
|
|
(1,720)
|
|
|
(1,065)
|
Return on investment
in unconsolidated joint venture
|
|
849
|
|
|
602
|
Other non-cash
items
|
|
(52)
|
|
|
19
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
392
|
|
|
(1,474)
|
Other
assets
|
|
(1,274)
|
|
|
(1,284)
|
Accounts payable and
accrued expenses
|
|
1,641
|
|
|
1,192
|
Deferred
revenue
|
|
(351)
|
|
|
(835)
|
Net cash provided by
operating activities
|
|
5,776
|
|
|
10,271
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(9,487)
|
|
|
(6,394)
|
Acquisitions, net of
cash acquired
|
|
—
|
|
|
(2,250)
|
Return of investment
in unconsolidated joint venture
|
|
—
|
|
|
582
|
Other investing
activities
|
|
(10)
|
|
|
—
|
Net cash used in
investing activities
|
|
(9,497)
|
|
|
(8,062)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Principal payments on
loan payable
|
|
—
|
|
|
(19)
|
Proceeds from
exercise of stock options
|
|
4,080
|
|
|
4,343
|
Tax payments related
to net share settlements of equity awards
|
|
(1,728)
|
|
|
(647)
|
Repurchase of common
stock
|
|
—
|
|
|
(1,010)
|
Net cash provided by
financing activities
|
|
2,352
|
|
|
2,667
|
|
|
|
|
|
|
Change in cash and
cash equivalents
|
|
(1,369)
|
|
|
4,876
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
118,679
|
|
|
27,122
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
$
|
117,310
|
|
$
|
31,998
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
Cash paid for
interest
|
$
|
1,520
|
|
$
|
—
|
MOVE,
INC.
|
REVENUE BY
TYPE
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
advertising
|
$
|
47,405
|
|
$
|
44,570
|
|
$
|
92,180
|
|
$
|
86,718
|
Software and
services
|
|
13,914
|
|
|
12,920
|
|
|
27,152
|
|
|
25,010
|
Total revenue
|
$
|
61,319
|
|
$
|
57,490
|
|
$
|
119,332
|
|
$
|
111,728
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of
revenue
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
advertising
|
|
77%
|
|
|
78%
|
|
|
77%
|
|
|
78%
|
Software and
services
|
|
23%
|
|
|
22%
|
|
|
23%
|
|
|
22%
|
Total
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
MOVE,
INC.
|
RECONCILIATION OF
NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
|
(6,293)
|
|
$
|
466
|
|
$
|
(11,475)
|
|
$
|
366
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation and charges
|
|
2,982
|
|
|
2,876
|
|
|
6,708
|
|
|
5,499
|
Depreciation and
amortization of property and equipment
|
|
3,349
|
|
|
2,519
|
|
|
6,393
|
|
|
4,918
|
Amortization of
intangible assets
|
|
1,199
|
|
|
1,063
|
|
|
2,496
|
|
|
2,062
|
Interest expense,
net
|
|
1,647
|
|
|
13
|
|
|
3,214
|
|
|
27
|
Income tax
expense
|
|
202
|
|
|
65
|
|
|
708
|
|
|
50
|
Non-GAAP Adjusted
EBITDA
|
$
|
3,086
|
|
$
|
7,002
|
|
$
|
8,044
|
|
$
|
12,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVE,
INC.
|
RECONCILIATION OF
(LOSS) EARNINGS PER SHARE TO NON-GAAP (LOSS) EARNINGS PER
SHARE
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
$
|
(6,293)
|
|
$
|
466
|
|
$
|
(11,475)
|
|
$
|
366
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation and charges
|
|
2,982
|
|
|
2,876
|
|
|
6,708
|
|
|
5,499
|
Amortization of
intangible assets
|
|
1,199
|
|
|
1,063
|
|
|
2,496
|
|
|
2,062
|
Amortization of debt
discount and issuance costs
|
|
966
|
|
|
—
|
|
|
1,927
|
|
|
—
|
Non-GAAP net (loss)
income
|
$
|
(1,146)
|
|
$
|
4,405
|
|
$
|
(344)
|
|
$
|
7,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss) income per share
|
$
|
(0.16)
|
|
$
|
0.01
|
|
$
|
(0.29)
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP basic (loss)
earnings per share
|
$
|
(0.03)
|
|
$
|
0.11
|
|
$
|
(0.01)
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
(loss) earnings per share
|
$
|
(0.03)
|
|
$
|
0.11
|
|
$
|
(0.01)
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used to
calculate (loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
39,444
|
|
|
39,480
|
|
|
39,228
|
|
|
39,293
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
39,444
|
|
|
41,428
|
|
|
39,228
|
|
|
40,950
|
MOVE,
INC.
|
OPERATING RESULTS
NET OF STOCK-BASED COMPENSATION AND CHARGES
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Three Months
Ended
|
|
|
June 30,
2014
|
|
|
June 30,
2013
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
As
Reported
|
|
Stock-based
Compensation and Charges
|
|
Excluding Stock-based
Compensation and Charges
|
|
|
As
Reported
|
|
Stock-based
Compensation and Charges
|
|
Excluding Stock-based
Compensation and Charges
|
Revenue
|
$
|
61,319
|
$
|
—
|
$
|
61,319
|
|
$
|
57,490
|
$
|
—
|
$
|
57,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
12,732
|
|
(111)
|
|
12,621
|
|
|
11,790
|
|
(85)
|
|
11,705
|
Sales and
marketing
|
|
30,047
|
|
(703)
|
|
29,344
|
|
|
22,980
|
|
(587)
|
|
22,393
|
Product and web site
development
|
|
10,342
|
|
(978)
|
|
9,364
|
|
|
9,583
|
|
(747)
|
|
8,836
|
General and
administrative
|
|
12,287
|
|
(1,190)
|
|
11,097
|
|
|
11,985
|
|
(1,457)
|
|
10,528
|
Amortization of
intangible assets
|
|
1,199
|
|
—
|
|
1,199
|
|
|
1,063
|
|
—
|
|
1,063
|
Total costs and
operating expenses
|
|
66,607
|
|
(2,982)
|
|
63,625
|
|
|
57,401
|
|
(2,876)
|
|
54,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
$
|
(5,288)
|
$
|
2,982
|
$
|
(2,306)
|
|
$
|
89
|
$
|
2,876
|
$
|
2,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
Six Months
Ended
|
|
|
June 30,
2014
|
|
|
June 30,
2013
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
As
Reported
|
|
Stock-based
Compensation
and
Charges
|
|
Excluding
Stock-based
Compensation
and
Charges
|
|
|
As
Reported
|
|
Stock-based
Compensation and Charges
|
|
Excluding Stock-based
Compensation and Charges
|
Revenue
|
$
|
119,332
|
$
|
—
|
$
|
119,332
|
|
$
|
111,728
|
$
|
—
|
$
|
111,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
24,844
|
|
(223)
|
|
24,621
|
|
|
22,653
|
|
(187)
|
|
22,466
|
Sales and
marketing
|
|
55,440
|
|
(1,376)
|
|
54,064
|
|
|
44,648
|
|
(1,098)
|
|
43,550
|
Product and web site
development
|
|
21,469
|
|
(2,815)
|
|
18,654
|
|
|
19,429
|
|
(1,327)
|
|
18,102
|
General and
administrative
|
|
24,299
|
|
(2,294)
|
|
22,005
|
|
|
23,523
|
|
(2,887)
|
|
20,636
|
Amortization of
intangible assets
|
|
2,496
|
|
—
|
|
2,496
|
|
|
2,062
|
|
—
|
|
2,062
|
Total costs and
operating expenses
|
|
128,548
|
|
(6,708)
|
|
121,840
|
|
|
112,315
|
|
(5,499)
|
|
106,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
$
|
(9,216)
|
$
|
6,708
|
$
|
(2,508)
|
|
$
|
(587)
|
$
|
5,499
|
$
|
4,912
|
MOVE,
INC.
|
AVERAGE MONTHLY
UNIQUE USERS
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unique
users—network
|
|
33,056
|
|
28,782
|
|
15%
|
|
31,725
|
|
28,431
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unique
users—realtor.com®
|
|
31,182
|
|
26,443
|
|
18%
|
|
29,865
|
|
25,980
|
|
15%
|
SOURCE Move, Inc.